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Closing Gold & Silver Market Report – 3/28/2012


Gold prices moved below $1,660 an ounce today, as profit-taking was accelerated late in the session by a COMEX options expiration. The failure of Gold to breach $1,700 is being seen as a key resistance level. A smaller-than-expected increase in U.S. manufactured goods orders added to downward pressures as the dollar moved to session highs versus the euro. “The Fed comments have given much-needed stimulus to an otherwise lackluster, range-bound Gold market,” Richcomm Global Services analyst Pradeep Unni said. “Resistance at $1,694 (or) $1,700 is formidable, but in the coming sessions, we (could) see that being scythed very convincingly.” However, the overall long-term projection remains strong. Goldman Sachs said, “As we look forward, our U.S. economists forecast subdued growth and further easing by the Fed in 2012, which should push the market’s expectations of real rates back down near zero basis points, and Gold prices back to our six-month forecast of $1,840 an ounce.”

February’s durable goods orders were up 2.2 percent, a strong move from its drop in January. The report would indicate that the economy is growing at a moderate 2 percent pace. “The normal wild swings in big-ticket purchases continue, but the trend is still up, and that is all that matters,” said Joel Naroff of Naroff Economic Advisors. Economists will be watching to see if higher prices for gasoline and issues with Europe and China will hurt U.S. exports. Although those results were led by transportation and defense data, all divisions that report to the Commerce Department reported increases.

Israel continues to play the role of wild card in the Middle East, as tensions mount over whether Israel will conduct an air strike and whether that could, in fact, have the opposite effect intended with sanctions. That air strike, if ordered, could actually influence Iran to build nuclear weapons to protect itself. Western leaders are increasingly wary of this result. Sweden and Finland’s foreign ministers, Carl Bildt and Erkki Tuomioja respectively, wrote in an editorial piece to The New York Times, “It is difficult to see a single action more likely to drive Iran into taking the final decision to acquire nuclear weapons than an attack on the country. … And once such a decision was made, it would only be a matter of time before a nuclear-armed Iran became a reality.”

At 4:14 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,663.00 – Down $23.40.
  • Silver - $32.05 – Down $0.62.
  • Platinum - $1,636.90 – Down $21.60.
  • Palladium - $650.60 – Down $13.40.

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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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