GOLD CONTINUES BOUNCE BACK
Gold is continuing its bounce off yesterday’s two week low, which saw some investors taking profits in light of growing worries over the eurozone debt crisis. The European markets have recovered some ground after protests in Spain and Greece over proposed austerity measures and uncertainty over if and when Spain will officially request aid. "Short term, I think we'll see more consolidation. We'll have to see how the dollar performs," Credit Agricole analyst Robin Bhar said. "As we've seen in the last 48 hours, the crisis in Europe has resurfaced. If it comes back with a vengeance, the euro will stay weak, the dollar will stay strong, and that's going to cap the Gold price."
When priced in euros and francs, Gold has climbed to record highs as concern that monetary stimulus plans by central banks around the world will devalue other currencies other than just the U.S. dollar. “Central banks are weakening their currencies to boost their economies and Gold is a beneficiary,” Matthew Turner, a Precious Metals strategist at Mitsubishi Corp. International in London, said today by phone. “The story of weak currencies and strong Gold is back in play and it’s not just the dollar, it’s all currencies.”
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1778.60, Up $26.00.
- Silver, $34.75, Up $0.80.
- Platinum, $1,649.00, Up $13.60.
- Palladium, $635.50, Up $9.70.
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.