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Mid-Day Gold & Silver Market Report – 1/24/2012

IMF SEES GLOBAL RECESSION; FED STAYS THE COURSE   

Precious metals prices have begun to rebound from the morning lows reported in the Morning Gold & Silver Market Report. Gold in particular has been feeling the European pinch the past few days, but is waiting for investor demand to return after a tumultuous December. There is support for Gold, though, as the World Gold Council reiterated central bank purchases will continue to rise this year. HSBC analyst James Steel supports that theory, saying, “The outlook for central bank Gold purchases remains positive for this year, based on the likelihood that emerging markets’ central banks will continue to diversify away from the U.S. dollar. … While we do not expect official sector activity to move the market near-term, we regard central bank purchases as a bulwark of the long-run Gold rally.”

The International Monetary Fund cut its global forecast of 2012 growth from 4% to 3.3%, and already is dropping its projected growth forecast for 2013 from 4.5% to 3.9%. Those forecasts are still not set, either, as they are dependent on the efforts of the 17-country eurozone coming together to fight financial turmoil. The IMF has also called on the European Central Bank and other countries to support the eurozone with additional funding. In an update, the IMF said, “The near-term outlook has noticeably deteriorated. … The global recovery is threatened by intensifying strains in the euro area and fragilities elsewhere.”

Federal Reserve meetings are set to begin today. The Fed is expected to hold the line, with interest rates likely to remain in place and any hike in rates likely will not occur until 2014. The Fed is not being looked upon for additional support for current economic conditions. However, additional bond purchasing is likely. A wait-and-see philosophy is likely to continue, as most Fed policymakers want assurances the growth during 2011’s last quarter is truly sustainable. Europe still poses a risk, as well.

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

  • Gold - $1,668.90 – Down $10.90.
  • Silver - $32.19 – Down $0.17.
  • Platinum - $1,554.50 – Down $7.60.
  • Palladium - $681.60 – Down $8.20.

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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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