Mid-Day Gold & Silver Market Report, 8/17/2012
MIXED BAG OF ECONOMIC DATA KEEPS GOLD IN TIGHT RANGE
The Gold price remained steady through mid-day, following the euro as Gold continues to track currency markets. Ross Norman, chief executive officer of Sharps Pixley, commented on recent news of slowing Gold demand by saying, “You’d think Gold would subside, but it has performed well, responding to small optimism on euro gains and dollar weakness.” This positive sentiment comes amid growing concern over short and long term inflation expectations. “We’ve had this mixed bag from the economic data,” said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio. “We are all just kind of wondering, ‘Is this recovery real?’”
The unremarkable movement in the Gold price over the past few days has not been overshadowed by the sudden spike in Platinum prices. News that the confrontation between police and South African miners at Lonmin PLC has escalated since Thursday, causing Platinum to rise drastically for the second straight day. South Africa produces 75 percent of the world’s Platinum, and concern over its output could spur further gains.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,616.00, Down $1.80.
- Silver, $28.15, Down $0.17.
- Platinum, $1,474.40, Up $38.20.
- Palladium, $607.50, Up $22.60.
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