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Mid-Day Gold & Silver Market Report – 5/1/2012

PRECIOUS METALS PRICES STABLE; MANUFACTURING INDEX HIGHER     

Precious metals prices remained relatively stable through morning trading. The dollar rallied on better-than-expected manufacturing data. The inverse relationship between the dollar and Gold continues. The better results dampen any expectations of further quantitative easing measures in the near term, which stabilizes Gold prices. HSBC analyst James Steel said, “The bullion markets have been on the defensive since U.S. Federal Reserve Chairman Ben Bernanke began distancing the Fed from a third round of quantitative easing in testimony to Congress on 29 February.” Other analysts said that Gold really just “needs another catalyst” besides quantitative easing.

Meanwhile, a blind Chinese dissident has holed himself up in the United States Embassy in China ahead of a rather important meeting between the United States and China in Beijing to discuss human rights, foreign trade and other topics. The Chinese dissident, Chen Guangcheng, escaped from house arrest and wants to stay in China. The talks this week are likely to cover China’s role in foreign relations, including any involvement in the nuclear programs in Iran and North Korea, the Syrian situation, and some other territorial issues. Secretary of State Hillary Clinton said she is not shy about pressing the issue of human rights. In a news conference, she said, “A constructive relationship includes talking very frankly about those areas where we do not agree, including human rights.” In regards to Chen, the prevailing thought is that he might have to leave China.

Manufacturing index numbers beat initial estimates in a report this morning, climbing to 54.8 percent for the month of April. This exceeded even the most optimistic estimates. Manufacturing “continues to be a bright spot in the recovery,” said Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York. “We have yet to see a drop-off in foreign demand for U.S. manufactured goods, and that comes despite all the concerns of a slowdown in the global economy.”

At 12:53 p.m. (EDT), the APMEX precious metals spot prices were:

  • Gold - $1,664.80 – Down $0.40.
  • Silver - $31.17 – Up $0.15.
  • Platinum - $1,575.50 – Up $3.60.
  • Palladium - $683.00 – Down $0.30.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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