Our Daily
Market Reports

Morning Gold & Silver Market Report, 8/2/2012

ECB ANNOUNCEMENT, FED MEETING DISAPPOINT MARKETS  

American stock futures gave up some early gains after the European Central Bank (ECB) announced that eurozone interest rates will remain the same. While many economists said this would be the case, it seems investors were hoping for more. ECB President Mario Draghi reinforced his commitment to the euro, stating that it is an “irreversible” union. He also called out to governments, saying they need to “stand ready to activate bailout funds.”  Stock futures and Precious Metals moved into the red as Draghi spoke.

The Federal Reserve said Wednesday that actions would be taken to stimulate the economy. Yesterday’s drop in Gold’s price was the biggest in more than three weeks and was largely due to the lack of announcement by the Fed. However, Gold buying by central banks is still supporting the Gold price. UBS said in a note, “It (central bank buying) has been providing investors with some comfort, that stronger hands are active.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,598.40, Down $6.50.
  • Silver, $27.32, Down $0.32.
  • Platinum, $1,394.00, Down $7.30.
  • Palladium, $576.40, Down $7.20.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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