Mid-Day Gold & Silver Market Report, 8/27/2012

ANXIOUS INVESTORS CAUSE MILD TRADING  

Gold and Silver investors are anxiously awaiting events over the next few weeks, specifically regarding the prospect of another round of quantitative easing. Highly anticipated speeches scheduled for the end of the week by Federal Reserve Chairman Ben Bernanke and European Central Bank chief Mario Draghi have made investors guarded in Monday’s trading. Their apprehension has brought about a slight dip in the dollar, which conversely has pushed Precious Metals prices higher.

The upcoming Fed meeting in Jackson Hole, Wyo., evokes memories from 2010, when Bernanke gave a speech that many believe set the basis to proceed with the Fed’s second round of quantitative easing. However, many financial specialists believe the Jackson Hole meeting will not be the critical event that could trigger further government financial stimulus this time around. “The critical period is really from Friday to the 12th (of September) -- the constitutional court decision,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vt. “(Bernanke) may not show his hand at Jackson Hole; he may wait until the 12th to show his hand because he may want to wait until after the ECB meeting.”

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,672.60, Up $1.20.
• Silver, $31.14, Up $0.43.
• Platinum, $1,553.80, Down $1.60.
• Palladium, $656.80, Up $3.10.

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