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Closing Gold & Silver Market Report 5/21/2012

INVESTORS HAVE BEEN SELLING GOLD, BUT CLARITY WILL SUPPORT HIGHER PRICE  

Some analysts suggest that once the smoke clears in the eurozone, Gold prices could start moving back up. Marcus Grubb, managing director of investment at the World Gold Council, shared his thoughts on future Gold prices, saying, “Gold, used an alternative to the U.S. dollar by investors in search of safety, could see a move higher once markets have greater clarity on a resolution to the Greek debt crisis. As we’ve seen in previous times in this crisis, like in 2008, you typically get a shift into Gold once it becomes clear what the scenario is going to look like. At the moment we still don’t know what the scenario will look like. On the other side, investors have been selling Gold as they’ve raised cash weightings, moved into the dollar, invested in Treasuries. They’ve sold Gold in order to repair damage in their portfolios.” 

Goldman Sachs strategist Jim O’Neill spoke with CNBC about how investors and the market are reacting to Europe’s financial mess. “I can sort of see why people are freaking out. The U.S. is on the mend, and yet the markets are now obviously worried about the interconnectivity of bank lending because of the unfortunate recent episode of JPMorgan and, of course, the staggering mess in Europe.” A final election in June will determine whether Greece will stay with the eurozone. If Greece leaves, it would then initiate its own currency and would have to start paying off an estimated $618 billion in debt. 

The United States might experience slower economic growth than previously expected with the end of extended benefits for the unemployed. This might influence some job seekers to accept jobs they otherwise would prefer not to, or give up searching for a job and drop out of the labor force. Andrew Tilton at Goldman Sachs Group Inc. is optimistic about the end of the extended benefits program. He said, “There has been an improvement in the availability of jobs. In a better labor market, people losing their benefits would be more likely to look and to find a job, and less likely to simply drop out.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,594.30, Up $0.90.
  • Silver, $28.52, Down $0.27.
  • Platinum, $1,468.10, Up $6.80.
  • Palladium, $616.40, Up $10.80.

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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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