GOLD SLIGHTLY HIGHER AT CLOSING
At the start of business today, Gold had dipped to a six week low but made a comeback to end the day on a positive note. A major reason for the rise came with continuing monetary policies that have devalued the world’s leading currencies. “It was an extremely quiet day in Gold,” said Frank McGhee, head precious metals trader at Chicago's Integrated Brokerage Services. “The market tried a couple of times at least to get past the $1,638 high, but there was no follow up buying.”
One of the driving factors of the global economy as of late has been the leading central banks’ continuation of monetary easing programs. Many investors wonder if all of these actions by the central banks will help or hinder economic growth in the long term. There have been positives to the easing, as “all asset classes have an upward bias now — Precious Metals, stocks, bonds, real estate, art. That upward bias is robust and we have not experienced anything like it in our lifetimes,” David Kotok, chief investment officer at Cumberland Advisors, said. “The limit to which those prices can rise is beyond our normal imagination.” However, many investors are leery of the consequences of continued easing. “The world is riskier the longer and longer it goes on,” Scott Mather, managing director and head of global portfolio management at Pimco, said. “Periods of calm will be interrupted by periods of roiling prices. You can't make the case that we're on a stable trajectory.”
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1652.50, Up $2.40.
- Silver, $31.15, Up $0.20.
- Platinum, $1719.50, Up $23.40.
- Palladium, $773.40, Up $13.80.
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