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Closing Gold & Silver Market Report – 10/12/2011

FED MINUTES SHOWED SOME MEMBERS PUSHED FOR QE3

Silver and gold have slipped slightly since the Mid-Day Commentary, but both are up more than 1% for the day.

The minutes from the most recent Federal Open Market Committee meeting were released today.  They show that two of the ten committee members pushed for much bolder stimulus action.  These two (the minutes do not say exactly which ones) pushed for another expansion of the Fed’s balance sheet, which has been referred to by the public as “QE3,” since this would be the third round of quantitative easing.  This is a program in which the Fed would create an amount of money, and use that money to purchase treasury bonds, pushing down yields and adding to the money supply.  In the end, the Fed chose not to adopt the QE3 suggestions, but to perform “Operation Twist,” in which the Fed will sell short-term treasuries to finance the purchase of long-term treasuries, pushing long-term interest rates down and making it cheaper to borrow money.  However, the minutes clearly indicate that there is a general feeling of unease about the economy, and that there is still support for strong action by the Fed.

Meanwhile, traders and investors are becoming more optimistic about the sovereign debt problems plaguing the Euro zone, and markets have responded positively to recent news.  Politicians in Slovakia have struck a deal allowing the approval of the expansion of a bailout fund for European banks.  This would shift risk a default by one or more Euro zone nations (namely Greece, for now) from the banks to the taxpayers of Euro zone countries.  There is also talk of requiring the banks to raise their cash holdings to prevent them from becoming insolvent in the event of a default.

At 4:09 pm (CT) the APMEX precious metals prices were:

  • Gold price - $1,678.10 – Up $15.10.
  • Silver price - $32.60 – Up $0.57.
  • Platinum price - $1,552.20 - Up $33.40.
  • Palladium price - $611.10 – Up $4.80.

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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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