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Mid-Day Gold & Silver Market Report

GOLD PRICE FALLS BELOW KEY TECHNICAL BARRIER    

Gold prices have taken a sharp turn down today, dropping below the 200-day moving average for the first time in almost three years. The U.S. dollar is gaining, while stocks, commodities, and even Gold are losing ground.

It isn’t a single occurrence but a series of financial events that have led to this point. On a macro scale, the eurozone crisis seems to be offering up a daily dose of ups and downs with no clear resolution. Britain’s 2012 growth forecast was reduced to 0.6 percent from the forecast of 1.0 percent growth a month ago. Britain’s primary trade partner is the eurozone. Tuesday’s Federal Reserve meeting offered no real answers and refused to hint at another round of quantitative easing. Italy’s borrowing cost rose to a record high of 6.47%. The only redeeming spot in the equation is the U.S., with an expected average growth of 2.1 percent in 2012, signifying a gradual recovery.

Gold has a historical negative correlation to the dollar. Today, the euro dropped below a key level of $1.30; this means the dollar is getting stronger against the euro. People have perceived a strengthening dollar as a safe haven for their investments and are moving their positions. James Steel of HSBC Securities said, “Gold prices are being influenced by factors that do not necessarily reflect underlying fundamentals.” He went on to say, “One reason that we believe the underlying fundamentals have not changed and that we remain bullish long-term is the steadfastness of the Gold exchange-traded funds.”

At noon (CST), the APMEX precious metals prices were:

  • Gold - $1,589.50 – Down $72.60.
  • Silver - $29.26 – Down $2.00.
  • Platinum - $1,430.30 – Down $61.90.
  • Palladium - $621.10 – Down $44.00.

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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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