Morning Gold and Silver Market Report, 8/14/2012
REPORTS BRING OPTIMISM FOR EUROZONE, AMERICA
The morning news is optimistic for the economy based on renewed growth figures from Europe. The seesaw effect of Europe’s ups and downs is reversing Monday’s price drops, as prices again were going up. Tuesday data is showing Gross Domestic Product output for the eurozone region was in line with expectations: Germany had modest growth, while France had a flat performance.
Closer to home, news was also positive. Retail sales rose 0.8 percent this past month. Economists had expected only a 0.3 percent rise. The report also states that the seasonally adjusted Producer Price Index is up 0.3 percent this past month, higher by 0.1 percent than expected. Despite the higher prices, there was an increase in consumer spending during July. The core measure of retail sales, which excludes automobiles, gasoline and building materials, rose a solid 0.9 percent.
One of the world’s top consumers of Gold, India, is showing weak demand for the Precious Metal as prices for Gold remain strong against that nation’s currency, the rupee. India’s festival season has begun and will peak in November. This is a time for weddings and giving Gold gifts.
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,597.70, Down $13.50.
- Silver, $27.75, Down $0.13.
- Platinum, $1,402.00, Up $8.20.
- Palladium, $576.70, Down $0.50.
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