MARKET QUIET AHEAD OF ECB MEETING; AUTHOR SEES ZERO GROWTH FOR CHINA
Gold and Silver prices showed little movement Wednesday. The markets are speculating that an unlimited bond buying program may be announced at the European Central Bank’s policy meeting Thursday. The assumption is that the ECB will have many options to present to the Governing Council to consider, but there is no guarantee any of the ideas will be acted upon at Thursday’s meeting.
Gordon Chang, author of “The Coming Collapse of China,” spoke with CNBC today regarding China’s economy and how some data reflect zero growth for that nation. Chang said that manufacturing surveys, price indices and electricity production are all key indicators of economic growth, and those factors suggest no growth in China’s economy. Chang said, “By far the most reliable indicator of Chinese economic activity is the production of electricity. When you look at the April through July period, electricity production increased by less than an average of 1.2 percent.” He said electricity production typically outpaces economic growth.
At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,694.00, Down $0.50.
- Silver, $32.31, Down $0.11.
- Platinum, $1,575.50, Up $7.00.
- Palladium, $644.00, Up $2.50.
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