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.
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