Mid-Day Gold & Silver Market Report – 9/17/2012
Ted Prince
9/17/2012 12:01:00 PM
ANALYST SAYS ALL SIGNS POINT TO HIGHER METALS PRICES
The four-session win streak by the Dow Jones Industrial Average came to an end today with concerns over the eurozone and shrinking manufacturing reports in the New York area. This dip comes after the Dow reached its highest level since December 10, 2007 following the Fed’s announcement of QE3 last week. News about contracting manufacturing activity in New York comes for the second straight month with reports showing the lowest figures in 3 ½ years. Information regarding the output of factories in New York state has traditionally been a good indicator of general manufacturing conditions throughout the rest of the United States.
Gold and Silver prices remain steady on the day as Precious Metals markets take a breather after realizing several back-to-back sessions of gains. "The market has to consolidate the gains it has made since the end of August. If we do not see $1,800 (in Gold) this week, that would not be a problem as, nevertheless, the signs are that Precious Metals prices are moving higher," said Peter Fertig, a consultant for Quantitative Commodity Research. The 13.2 percent rise in Gold in 2012 puts the metal on pace for its 11th straight year of gains. With Gold historically acting as a hedge against inflation and currency debasement, analysts see today’s flat trading prices as temporary, while the long-term trend for Gold points northward.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,770.80, Down $0.90.
- Silver, $34.49, Down $0.18.
- Platinum, $1,674.90, Down $39.80.
- Palladium, $689.30, Down $10.00.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
