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Closing Gold & Silver Market Report – 8/31/2011

FED PRESIDENT HINTS AT STIMULUS POLICY, BUT DISSENTION IS STRONG

Precious metals are closing the day close to where they opened, with all prices moving less than 1% for the day.  Today’s price movement, or lack thereof, indicates indecision in the market.  Double-dip recession fears still pervade the market, but at the same time, many investors are moving into riskier assets, pursuing a value investment in what they see as underpriced equities.

Traders are closely monitoring recession-indicating manufacturing data, as well as comments by the Federal Reserve.  Any further quantitative easing by central banks could add to the inflation fears, but the other side of the same coin are fears from volatile equities markets.  Manufacturing data from the Institute for Supply Chain Management is due out tomorrow, and the weekly jobs report will be released Friday.

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, said that the Fed should be ready to provide more stimulus to the economy, possibly in the form of greater quantitative easing.  He cited “the weak data we’ve seen recently and… the rising concern about chronic slow growth.”  The first half of this year was the weakest six-month period since the recession.  However, three other Fed Presidents are against further stimulus, and voted to not approve the Fed statement in August that stated interest rates would remain low until mid-2013.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,829.00 – down $2.80.
  • Silver - $41.63 – up $0.10.
  • Platinum - $1,849.00 – down $5.10.
  • Palladium - $785.80 – up $6.50.

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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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