GOLD STAYS FLAT ON MIXED REPORTS
At the midway point of the week, the value of Gold has stayed mostly level. Mixed economic reports from the United States have failed to give the Precious Metals market solid direction. In the housing market, mortgage approvals fell, which was negative. However, import and export prices rose, which was positive. This combination of conflicting reports leaves investors with more questions than answers. One investor makes a valid argument for the future of Gold, saying, “Retail investors seem to have forgotten that since the previous stock market highs in 2007, the stock market has barely produced a return whereas Gold is up over 100 percent. The real question is which investment has further to go? A stock market at all-time highs in an economic environment that is barely holding on to growth or Gold, which will protect investor’s wealth during the uncertain times that lie ahead.”
Another sign of economic recovery in the U.S. was the release of February’s retail sales report, which showed a gain of more than one percent, marking the biggest jump in five months. However, economists are cautious due to higher gas prices and a lack of savings by the American consumer base. “It appears that, for now at least, consumers are willing to run down savings or take on additional credit to maintain spending,” Andrew Grantham of CIBC World Markets said. “However, with the savings rate already extremely low, it may be a matter of when, rather than if, consumers need to curtail their enthusiasm for shopping.”
At 1:00 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1587.00, Down $6.70.
- Silver, $28.95, Down $0.29.
- Platinum, $1593.80, Down $3.20.
- Palladium, $770.80, Down $3.70.
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