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Closing Gold & Silver Market Report, 07/31/2012

FED MEETS TODAY, BUT LOOK TO JACKSON HOLE FOR BIG NEWS  

The Federal Reserve’s policy setting commission, the Federal Open Market Committee, is meeting in Washington today and tomorrow. Of course, the Internet is buzzing with speculation about a possible announcement of a new stimulus program. However, most analysts are looking to the Fed’s annual symposium in Jackson Hole, Wyo., later this month for any kind of major stimulus endeavor. It was at previous Jackson Hole symposiums that the Fed announced its earlier rounds of quantitative easing, as well as its most recent effort, dubbed Operation Twist.

Fed watchers also are speculating as to what form of stimulus, if any, the Fed might use. QE1 and QE2 allowed the Fed to create money and use that money to buy Treasury bills and mortgage backed securities. Operation Twist saw the Fed convert much of its short term bond holdings into longer term bonds in an effort to push down the interest rate on 10 year Treasury bills, which is used by banks as a factor to determine the interest rates they will charge on loans, and is one of the reasons for the record low interest rates in the mortgage market now. This time, Fed watchers are looking to a program recently used by European central banks, called “Funding for Lending.” Fed Chairman Ben Bernanke has recently expressed interest in the program, which would loan money to banks at a low, if not zero, interest rate, which the banks would then be required to loan out. The Bank of England recently undertook this program in its most recent round of stimulus.

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

  • Gold, $1,615.60, Down $6.00.
  • Silver, $28.05, Down $0.09.
  • Platinum, $1,416.50, Up $4.70.
  • Palladium, $590.00, Up $0.70.

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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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