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Market Reports

Closing Gold & Silver Market Report, 8/22/2012

GOLD SURGES AS FED SAYS EASING ‘WARRANTED FAIRLY SOON’  

Just a day after hitting a two month high, the Gold price is now sitting at a 16 week high after the release of the latest Federal Open Market Committee minutes. In the minutes, the Fed said, “Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery.” In short, unless economic reports start showing significant growth and signs that it will stay that way for a long period, a third round of quantitative easing (QE3) is highly likely and may be coming soon.

Michael Gayed of Pension Partners LLC said, “Gold is surging on renewed expectations of inflation rising after easing.” During two rounds of quantitative easing, from December 2008 to June 2011, the Gold price jumped 70 percent. All eyes continue to be on the Fed’s Jackson Hole, Wyo., economic symposium for more signs of QE3. That meeting is to be held late next week.

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

  • Gold, $1,655.10, Up $13.70.
  • Silver, $29.89, Up $0.36.
  • Platinum, $1,539.60, Up $30.80.
  • Palladium, $633.50, Up $7.80.

APMEX’s Account Managers now have extended hours Mondays through Fridays and are here to serve you until 8 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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