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Closing Gold & Silver Market Report – 4/4/2012

GOLD PRICE DIPS WITH SIGNIFICANT SELLOFF IN STOCKS, COMMODITIES   

After the release of the minutes from the March meeting of the Federal Open Market Committee, in which there was little discussion of any plans for future quantitative easing by the Federal Reserve, stocks and commodities -- including precious metals -- experienced a significant selloff today. Prices for Gold and Silver dropped to levels not seen since mid-January, making both metals particularly attractive from a physical demand perspective.

Stocks in the U.S. saw their biggest dip in almost a month, driven down by concerns over a weak bond sale in Spain. Glenn Guard, an investment management director with Campbell Wealth Management, said, “We were due for a pause, or a moderate pullback, so you might see some of that in the near term, given how strong the first quarter was.”

Investment bank Morgan Stanley has revised its views on the possibility of future Fed quantitative easing. In a video to clients, the bank announced that it is downgrading its previous forecast for Fed easing from a 2-in-3 chance to a 1-in-3 chance. Vincent Reinhart, chief economist for Morgan Stanley, said, “The FOMC minutes make it pretty clear that any Fed decision has to be driven by incoming data, not pre-emptive.”

At 4:03 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,622.10 - Down $50.40.
  • Silver - $31.39 - Down $1.93.
  • Platinum - $1,600.60 - Down $58.90.
  • Palladium - $636.30 - Down $24.30.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Mondays through Thursdays! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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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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