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Mid-Day Gold & Silver Market Report – 1/26/2012

QE3 LOOKING MORE PROBABLE   

Precious metals prices continued their upward trend from this morning’s Gold & Silver Market Report. This was primarily due to the fallout from the Fed's perceived lack of confidence in the current economic condition. Although some economic data look good, the overall outlook remains poor, which is boosting the appeal of Gold and precious metals. The Fed announcement’s effect on Gold was complemented by a statement from Saxo Bank’s Ole Hansen, “The strong rally in Gold changed what prior to the announcement had been a test of Gold's resolve. … The Fed statement changed all that, and from thinking that the Gold rally potentially only had one year left to run, it could now continue for longer. The ‘off’ button on the printing press has well and truly been taped over.”

Not only has the Fed announced plans to keep interest rates low through the end of 2014, but the door happens to be open for another round of bond buying or QE3, which has investors fearful of inflation exceeding most economists' projections of 2%. If inflation were to climb above those projections, it could be detrimental to any hope of economic recovery. The feeling is it might not take much at this point for the additional round of easing to occur. J.P. Morgan chief economist Michael Feroli said, “Probably the main takeaway from the press conference is the sense conveyed by (Fed Chairman Ben) Bernanke that it would not take much of a disappointment in growth or inflation to get the Fed to start another round of QE. … In fact, from his answers, it’s not even clear any disappointment would be necessary to see more QE.”

A lot of economic data is pointing to a more fragile, moderate economic recovery based on figures released today. Manufacturing and consumer spending are on the rise over the last couple of months. The European debt crisis still looms as a growth deterrent. In a conference call, United Technologies Corp. Chief Financial Officer Greg Hayes said, “There are some positive signs that the economic recovery looks to be gaining traction, especially here in the U.S,” but “there’s plenty of uncertainty out there in the world economy.”

At 12:01 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,726.00 – Up $24.50.
  • Silver - $33.65 – Up $0.46.
  • Platinum - $1,616.60 – Up $36.00.
  • Palladium - $694.80 – Up $0.40.

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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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