Morning Gold & Silver Market Report – 3/23/2012
STOCKS DECLINE NOT SURPRISING; EASY MONETARY POLICY COULD BE DETRIMENTAL TO U.S.
U.S. stock futures are pointing towards an uneventful start for Wall Street this morning. Unease has entered the markets, and Rebecca O’Keefe of Interactive Investor isn’t shocked. “The six-month equity rally has been built on lower-than-normal volumes, so investors are worried that the foundations are not as strong as they might be; and with some markets reaching four-year highs, it is not a surprise that some money is being taken off the table,” she said. New-home sales data set for release later this morning may have an effect on the markets.
St. Louis Federal Reserve President James Bullard said recently that the Fed “over-committing” to easy monetary policy could be detrimental. He said, “Some of the further actions that could be undertaken at this juncture would have effects far into the future, in an environment of continual improvement and repair for the U.S. economy.”
The situation in Syria that many are calling a humanitarian crisis continues to worsen. The resistance stronghold city of Homs was hit with mortars overnight, and the death toll climbed by another 40 after clashes across the country. In a latest attempt to reach Syrian President Bashar al-Assad, EU sanctions have been placed on the president’s wife and mother.
At 8 a.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,654.60 – Up $10.60.
- Silver - $31.77 – Up $0.38.
- Platinum - $1,622.80 – Up $9.70.
- Palladium - $658.30 – Up $6.30.
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