Closing Gold & Silver Market Report – 3/19/2012
GOLD ENTICING BARGAIN HUNTERS; STOCKS’ EARNINGS SEASON LOOKING FLAT
The Gold price has remained steady since the posting of the Mid-Day Gold & Silver Market Report, with the price for the precious metal ending today’s session in positive territory. Rohit Savant, an analyst with CPM Group in New York, said, “A lot of it has to do with bargain hunting.” Rohit said lower prices are enticing investors back to Gold. Prices for Silver, Platinum, and Palladium stayed steady in afternoon trading, with all three prices ending the day higher.
The current optimism over the stock market could dissipate soon as 2012 heads into an earnings season that some say looks to be the worst since the 2008 financial meltdown. According to projections from Standard & Poor's/Capital IQ, first-quarter earnings growth is on track to be at a low 0.5 percent. Because this follows last year’s middle-of-the-road fourth quarter, there are no indications of potential big earnings to be had, as there were after the worst of the 2008 crisis. “Earnings are going to be far slower than they’ve been. There’s almost no way by the laws of physical science that they can’t be,” said Jim Paulsen, chief market strategist at Wells Capital Management. The effect that earnings season will have on the stock market’s bull run is uncertain, but the concern is that even psychological fears could be enough to trip up the market’s current stride.
At 4 p.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,665.40 – Up $8.10.
- Silver - $32.98 - Up $0.34.
- Platinum - $1,684.00 - Up $7.50.
- Palladium - $708.80 - Up $7.10.