Our Daily
Market Reports

Closing Gold & Silver Market Report, 8/15/2012

CONFIDENCE RENEWED IN GOLD; POSITIVE DATA ALLAYS EASING  

The Gold price experienced little movement today, staying just above $1,600 per ounce for most of the day. The yellow metal was heavily talked about once it was reported that longtime gold bull John Paulson has confidence that the Precious Metal is a long term currency and inflation hedge. This reassured investors that Gold’s price can rise regardless of its performance the past two quarters.

The American economy is showing improvement. Data about retail sales, unemployment and the trade deficit all reflecting stronger numbers. Based on these numbers, Jan Hatzius at Goldman Sachs predicted that if the Federal Reserve pushes further stimulus measures like quantitative easing (QE3), it will not be in September. In a note to clients, Hatzius wrote, “We believe that continued weakness is necessary to prompt a substantial easing move. And so far, that weakness is not showing up in the data.” Many economists are under the impression that Federal Reserve Chairman Ben Bernanke will indicate the central bank’s next move at the Fed’s summer meeting in Jackson Hole, Wyo., on Aug. 31. 

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,603.90, Up $2.90.
  • Silver, $27.89, Up $0.02.
  • Platinum, $1,397.00, Down $3.10.
  • Palladium, $576.80, Down $3.10.

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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