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Closing Gold & Silver Market Report – 8/22/2011

GOLD TOPS $1900, PUSHED BY SAFE HAVEN BUYING -

Gold closed at a new record high today, surging in the afternoon after a fairly volatile day.  Platinum is also at a new record high, just slightly higher than its yellow cousin.

There are growing rumblings of a third round of quantitative easing by the Federal Reserve.  Analysts are citing Ben Bernanke’s comments about the recovery being “considerably slower", and the upcoming meeting of the Fed at Jackson Hole, WY.  Jackson Hole was the setting for the announcement of the second round of quantitative easing last year, and the market seems to be pricing in a similar announcement this week.  "The market's sending a signal to Bernanke saying, 'We want QE3 and we want it this week, or we're going to hammer you and the market will get absolutely killed,' " said Keith Springer, President of Springer Financial Advisory in Sacramento, Calif.

Oil prices declined as Libyan rebels entered Libya’s capital city of Tripoli today, although it may take years before the country can export crude at the same rate it did before the revolution.  Lower oil prices can help spur economic activity, as consumers become less concerned with high prices at the pump, and it becomes cheaper for businesses to move goods to the market.

At 4:15 PM (CT) the APMEX precious metal prices were:

  • Gold price -$1,902.40 – up $48.20
  • Silver price -$43.85 – up $1.31
  • Platinum price - $1,909.80 – up $34.90
  • Palladium price - $765.50 – up $14.70

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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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