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Morning Gold & Silver Market Report – 8/26/2011

FOR BETTER OR WORSE, ALL EYES ON BERNANKE

Gold prices pushed upwards in overnight trading, as the expectation of Federal Reserve Chairman Ben Bernanke’s highly anticipated speech is now that he will not signal that the Fed is ready for a third round of quantitative easing.  Silver has mainly tracked gold overnight, while platinum and palladium continue their bumpy road which closely follows the stock market.

Douglas A. McIntyre of 24/7 Wall St. wrote that “Americans have turned their backs on equities in favor of gold.  That is probably a good decision.”  He explains that recent polls show that investors believe gold to be the best long-term investment, leaving real estate and stocks in the dust.  The investing climate has changed, and, as McIntyre explains, “The more people who desert equities for gold, the more likely it is to push gold higher.

While the hope of many investors is a QE3 announcement, they may still hear something that may soothe their fears.  Bernanke is expected to announce “relatively modest” steps to support the struggling U.S. economy at the Jackson Hole meeting today at 9:00 am (Central Time).  A string of disappointing economic data reports has many investors worried about another recession in a time when the economy is supposed to be recovering.  This was compounded when second-quarter growth was revised down to 1.0% from 1.3% this morning.  Stock futures are mixed ahead of the announcement as Wall Street seems to be taking a “wait and-see” approach.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,776.20 – Up $11.00.
  • Silver - $40.80 – Down $0.06.
  • Platinum - $1,819.70 – Down $3.70.
  • Palladium - $750.40 – Down $2.90.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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