Mid-Day Gold & Silver Market Report – 3/4/2013
GOLD PRICE STAYS FLAT AS STIMULUS CONTINUES
As Monday reaches its midway point, Gold’s market value has held steady. Many economists are questioning why Gold has not seen a higher rise in value based on the actions of many leading central banks around the world. From the United States, Europe and China the clear route has been a steady feed of monetary easing into their respected economies. “It seems as if accommodative monetary policies are here to stay for some time,” Lance Roberts, chief executive officer of Streettalk Advisors LLC in Houston, said. In the past, such easing has given positive support to the value of Precious Metals, and many believe it will continue to do so.
In the U.S., some members of the Federal Reserve have been very vocal in their support of continuing monetary easing. “At present, I view the balance of risks as still calling for a highly accommodative monetary policy to support a stronger recovery and more rapid growth in employment,” Federal Reserve Vice Chair Janet Yellen said Monday in a speech to the National Association for Business Economics. Between the easing program and the major budget issues in the U.S. government, many investors are left looking for stability.
At 1:02 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1575.30, Up $1.00.
- Silver, $28.59, Up $0.08.
- Platinum, $1570.50, Down $5.00.
- Palladium, $713.60, Up $5.80.
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