Closing Gold & Silver Market Report – 3/22/2012
FED REASSURES ON VOLCKER RULE; IRELAND IN ANOTHER RECESSION
Since the Mid-Day Gold & Silver Market Report, prices for precious metals have edged up slightly. The stronger dollar pushed Gold down today, although today’s session saw the dollar give ground versus other currencies in the end, which helped Gold pare earlier losses.
With the possibility looming that the Volcker Rule won’t be in place in time for its July 21 deadline, an official with the Federal Reserve attempted to reassure banks today that the guidance needed to comply with the terms of the rule would be provided anyway. The Volcker rule, part of the Dodd-Frank financial reform law passed in 2010 and named after the former Federal Reserve chairman who championed it, blocks banks from using their funds to engage in risky trading while also curtailing investments in hedge and private equity funds. The concern among banks now is that if the rule isn’t ready by the July deadline, it could result in market disruptions.
Government statisticians in Ireland reported today that the country slipped into a recession again as 2011 came to a close. As Ireland attempts to recover following an international financial bailout, this is viewed as a discouraging sign. Any economic revival for Ireland depends on a reduction of its budget deficits through increased tax collections and employment. However, the expectation is that Ireland will spend about 56 billion euros this year while only collecting 38 billion euros in taxes.
At 4:02 p.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,646.80 – Down $5.00.
- Silver - $31.63 - Down $0.65.
- Platinum - $1,621.60 - Down $19.50.
- Palladium - $656.00 - Down $33.60.
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