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Closing Gold & Silver Market Report – 3/29/2012

GOLD GAINS IN AFTERNOON TRADING; FED CHAIRMAN SAYS CENTRAL BANKS SHOULD DEFUSE THREATS  

Since the posting of the Mid-Day Gold & Silver Market Report, the Gold price has climbed back into positive territory. Yesterday saw the price end down; during today’s trading, the precious metal has fluctuated between small losses and gains. Adam Klopfenstein, market strategist with Archer Financial, said Gold has been following riskier investments recently and displaying the behavior of a “classic commodity,” tracking U.S. equities and other commodities. However, a note by Commerzbank analysts said that Gold-backed ETFs have not seen any “significant outflows” lately and that Gold’s price drop is a result of profit-taking by short-term investors and not due to any actions by long-term investors.

Federal Reserve Chairman Ben Bernanke, speaking today in a lecture to undergraduates at George Washington University, said that central banks should actively try to work to defuse future financial threats. During the lecture, Bernanke said that financial stability should no longer be viewed as monetary policy’s “junior partner.” Bernanke said, “As much as possible, central banks and other regulators should try to anticipate and defuse threats to financial stability, and mitigate the effects when a crisis occurs.” In the past, the Federal Reserve has lowered interest rates to near zero and engaged in programs of monetary easing to protect the U.S. economy in times of financial stress, and there has been a great deal of speculation that the Fed eventually will engage in another round of easing in response to the U.S. economy’s continued sluggish performance.

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

  • Gold - $1,662.900 – Up $2.90.
  • Silver - $32.29 - Up $0.41.
  • Platinum - $1,632.20 - Down $7.40.
  • Palladium - $649.00 - Up $0.70.

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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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