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Mid-Day Gold & Silver Market Report – 3/27/2012

GOLD DIPS ON FED REMARKS; STOCKS DOWN ON CONSUMER CONFIDENCE, HOME PRICE DATA  

Since the posting of the Morning Gold & Silver Market Report, the Gold price has seen a dip, pushed lower by remarks from U.S. Federal Reserve Chairman Ben Bernanke and less-than-rosy data on consumer confidence and home prices. The Fed chairman essentially assured that U.S. interest rates will stay low, while also indicating that economic assistance is still needed. Many see this as a hint that another round of quantitative easing could be on the Fed’s agenda. In a note to clients, Commerzbank analysts stated, “The prospect of further injections of liquidity by the U.S. Federal Reserve is unequivocally positive for Gold, for this makes the U.S. dollar less attractive.” Prices for Silver, Platinum, and Palladium fell in morning trading, as well.

Information released today shows that consumer confidence dwindled in the U.S. in March. According to the report from the Conference Board, inflation expectations among consumers reached a 10-month high this month, as well. In response to the report, the U.S. stock market struggled to hang on to morning gains, and European stocks ended down. Peter Boockvar, an equity strategist with Millar Tabak, said that although consumer confidence remained steady for a second month above an index reading of 70, it is “still below the 10-year average of 79.2.”

According to a closely monitored index, January marked a fifth month for falling home prices in the U.S. According to the S&P/Case-Shiller 20-city composite index, home prices for January fell 0.8 percent. In the past 12 months, there has been a 3.8 percent fall in home prices in this country. The housing data contributed to the struggle facing U.S. stocks this morning.

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

  • Gold - $1,685.80 – Down $1.30.
  • Silver - $32.80 - Unchanged.
  • Platinum - $1,658.40 - Up $10.70.
  • Palladium - $663.50 - Down $6.30.

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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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