Closing Gold & Silver Market Report – 9/18/2012

BANK SAYS GOLD COULD REACH $2,400 PER OUNCE IN 2014

Gold has recovered from earlier losses, Silver added to gains, and Platinum and Palladium continued to dip in afternoon trading today. The latter two metals are being pushed down by the end of the sometimes violent strike of miners in South Africa. Bank of America Merrill Lynch said in a note, “Given the new open-ended nature of QE3, the upward pressure on Gold prices should continue until employment is strong enough to warrant a change in policy. In our view, this is unlikely to happen until the end of 2014.”  The firm then predicted that by the end of 2014, Gold could see a record high of $2,400 per ounce.

John Stephenson of First Asset Investment Management Inc in Toronto explained this a little more, saying that “People will see commodities as something they want to hold, because they see these moves as inflationary. It’s hugely bullish in the short run, now that all of the central banks seem to be singing from the same hymnal.” said Jack Ablin of BMO Private Bank in Chicago. “The Fed statement does change things. It really shows the Fed’s unwavering desire to inflate asset prices, and commodities will certainly be part of that.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,772.90, Up $3.30.
  • Silver, $34.86, Up $0.49.
  • Platinum, $1,632.50, Down $41.10.
  • Palladium, $666.80, Down $22.40.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Mondays through Thursdays! If you have any questions about investing in Precious Metals, or would simply prefer to place your order by telephone, we are here to help.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 3:06:36 PM EST

Metal Bid Ask Change
Gold $1,295.20 $1,297.20 ($8.30)
Silver $19.55 $19.65 ($0.03)
Platinum $1,410.00 $1,420.00 ($17.80)
Palladium $793.80 $798.80 ($4.50)
4/17/2014 3:06:36 PM EST

Click here for Historical Charts*All Charts are in USD


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