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Morning Gold & Silver Market Report, 8/6/2012

REPORT PREDICTS GOLD TO RALLY ABOVE $1,900 IN 2012  

A report from HSBC Bank states, “Economic uncertainty, geopolitical tensions and the uncertainty of the U.S. November elections are theoretically Gold bullish, and Gold should perform better later in the year when U.S. growth is poor and the dollar is weak.” The report further stated that “we expect prices to rally to above $1,900 per oz by the end of the year. Patience is the most important commodity.”

Gold was up slightly in early morning trading as the United States dollar index hit a one month low. Friday’s positive jobs report increased the appetite for risk and, therefore, put downward pressure on the American dollar. There is much speculation that further monetary easing will be announced after September’s Federal Open Market Committee. For now, Gold remains in a fairly tight trading pattern while trying to decipher the direction of the global economies.

Spain remains in the spotlight, and the question is how much bailout will that country actually need. At the moment, efforts are being made to stop the bleeding, but it is uncertain whether that can save the patient. The credit ratings make it very difficult for institutional investors to invest in Spain. There are concerns that this could turn into the same pattern as Greece, where smaller bailouts eventually turned into a full fledged bailout.

At 9 a.m. (EDT), the APMEX Precious Metals prices were:

  • Gold, $1,1610.00, Up $2.70.
  • Silver, $27.80, Down $0.11.
  • Platinum, $1,397.00, Down $17.40.
  • Palladium, $577.60, Down $1.60.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would 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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