Closing Gold & Silver Market Report – 8/22/2011
GOLD TOPS $1900, PUSHED BY SAFE HAVEN BUYING -
Gold closed at a new record high today, surging in the afternoon after a fairly volatile day. Platinum is also at a new record high, just slightly higher than its yellow cousin.
There are growing rumblings of a third round of quantitative easing by the Federal Reserve. Analysts are citing Ben Bernanke’s comments about the recovery being “considerably slower", and the upcoming meeting of the Fed at Jackson Hole, WY. Jackson Hole was the setting for the announcement of the second round of quantitative easing last year, and the market seems to be pricing in a similar announcement this week. "The market's sending a signal to Bernanke saying, 'We want QE3 and we want it this week, or we're going to hammer you and the market will get absolutely killed,' " said Keith Springer, President of Springer Financial Advisory in Sacramento, Calif.
Oil prices declined as Libyan rebels entered Libya’s capital city of Tripoli today, although it may take years before the country can export crude at the same rate it did before the revolution. Lower oil prices can help spur economic activity, as consumers become less concerned with high prices at the pump, and it becomes cheaper for businesses to move goods to the market.
At 4:15 PM (CT) the APMEX precious metal prices were:
- Gold price -$1,902.40 – up $48.20
- Silver price -$43.85 – up $1.31
- Platinum price - $1,909.80 – up $34.90
- Palladium price - $765.50 – up $14.70