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Closing Gold & Silver Market Report, 7/26/2012

CENTRAL BANKERS GETTING CREATIVE WITH NEW STIMULUS IDEAS  

Policy making committees of three of the world’s largest central banks will be meeting independently to discuss new ways of spurring economic growth and steering their domains away from the many icebergs threatening to sink the world into a double dip recession. The United States Federal Reserve, Bank of England, and European Central Bank will all meet on the same day, and each will have its own set of problems to address. Each has recently undertaken stimulus measures with mixed results. “It’s not obvious central banks have been effective, but they’re going to keep trying,” said John Stopford, head of fixed income at Investec Asset Management. The Fed’s focus now is to reduce American unemployment, and the main way it can do that is by increasing banks’ willingness to extend credit. However, even with interest rates already setting record lows, lending has been weak in America. Fed Chairman Ben Bernanke has expressed interest in programs aimed at directly rewarding banks for lending, or possibly directly buying bundled mortgages, shifting some of the risk of lending away from commercial banks and onto the Fed’s balance sheet.

Gold was set to close the day at its highest price in three weeks after comments from European Central Bank President Mario Draghi caused the euro to jump in value. “Right now, Gold is testing resistance. If we can break above it, we will get another leg higher,” said Adam Sarhan, chief executive of Sarhan Capital. Today is the first time since May 1 that Gold closed above its 100 day moving average.

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

  • Gold, $1,616.70, Up $6.60.
  • Silver, $27.58, Up $0.01.
  • Platinum, $1,405.10, Up $5.70.
  • Palladium, $571.30, Up $5.00.

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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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