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Market Reports

Morning Gold & Silver Market Report – 9/25/2012

HOUSING AND CONSUMER CONFIDENCE REPORTS DUE

Stocks are holding their own Tuesday morning as investors are waiting for housing and consumer confidence data. At 10 a.m. (EDT), the July home-price index and the September consumer-confidence index will be released. Christian Tegllund Blaagjerg, Chief economist at FIH Erhvervsbank, said, “I think we’re going to see a very bullish housing market. I think the bottom was reached awhile ago. We’re not on a Ferrari-like recovery path, but still more like a Chevy pickup truck, [with] stable and continuing improvement.”

Gold is gaining ground against a stronger dollar today. The move was in response to data that central banks added to their Gold holdings in July and August. The countries leading the charge were South Korea with an increase of 16 tonnes and Paraguay with an addition of just over 7.5 tonnes. Gold is on a four-month positive trend, up 4.6 percent in September alone. Daniel Smith, an analyst at Standard Chartered said, "Ultimately, I think it's quite likely we will get above $1,800 before the year-end, so maybe a month of sideways trading possibly and then generally trending higher in the next six months to a year."

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

  • Gold, $1,773.60, Up$10.00.
  • Silver, $34.39, Up $0.40.
  • Platinum, $1,635.50, Up $12.50.
  • Palladium, $641.30, Down $4.20.

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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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