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Closing Gold & Silver Market Report, 7/19/2012

AMERICAN ECONOMY POISED FOR WEAK SECOND HALF OF 2012  

It’s tough to find good news about the economy these days. Many economists say the American economy is poised for an anemic second half of the year. “We’ll have very slow growth,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. “The excess supply of homes will weigh on housing for quite some time. Manufacturing is starting to suffer a bit. The labor market remains pretty soggy.” According to a Bloomberg survey, Americans are more pessimistic than any time in the past six months. “A soft labor market and political tensions surrounding potential changes in tax policy are weighing on consumer sentiment,” said Joseph Brusuelas, a senior economist at Bloomberg LP.

In the most recent auction of Treasury Inflation Protected Securities, or TIPS, demand for the assets was so strong that interest yields actually went negative, meaning that investors were essentially paying the American government to allow them to loan the government money. The attraction to these inflation protected bonds indicates widespread speculation that the economy could experience high inflation in the near future, possibly because of stimulus action by the Federal Reserve.

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

  • Gold, $1,582.20, Up $9.90.
  • Silver, $27.31, Up $0.13.
  • Platinum, $1,419.30, Up $15.10.
  • Palladium, $584.40, Up $5.90.

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 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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