METALS PRICES PULL BACK; WILL ALL CENTRAL BANKS ANNOUNCE STIMULUS?
Growing concerns that the Federal Reserve will postpone stimulus measures for the United States economy have had a direct effect on Gold, as the metal’s price dropped for the day. Referring to the Federal Reserves upcoming summit in Jackson Hole, Wyo., Frank McGhee at Integrated Brokerage Services LLC said, “The market is in a wait and watch mode ahead of the meeting. We are also witnessing some profit taking.”
Adam Posen, a Bank of England policy maker, spoke with CNBC today to share his assumption that the Federal Reserve, European Central Bank and Bank of England could announce further stimulus measures in September. Some analysts said the Fed should wait until after America’s presidential elections in November to announce another round of quantitative easing. But on the other hand, it has been suggested the economy needs a boost now and it makes no sense to wait. Posen said, “The U.S. has still got mortgages to restructure, and buying and selling securitized mortgages is the main way they can affect this. If the world is in slowdown, they should be trying to stimulate demand at home.”
At 5 p.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,667.60, Down $6.50.
- Silver, $30.93, Down $0.21.
- Platinum, $1,519.50, Down $34.70.
- Palladium, $640.50, Down $15.80.
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