Closing Gold & Silver Market Report - 4/20/2012
GOVERNMENTS COMMIT TO BOOST INTERNATIONAL MONETARY FUND
There was little afternoon movement in Precious Metals prices, following the day’s trends. Gold’s price was stable throughout the day with the anticipation from investors of next week’s Federal Reserve policy meeting, along with this weekend’s International Monetary Fund and World Bank meetings, which will outline the future of the eurozone debt crisis. “Silver, Platinum and Palladium are currently under pressure due to their industrial characteristics, but should also increase again over the course of the year,” Commerzbank said in a note.
Today, the Group of 20 finance ministers and central bankers came together and agreed to more than $430 billion in new money for the International Monetary Fund, which will defend the world economy from further debt issues in Europe. Mexican Finance Minister Jose Antonio Meade commented on the decision to increase funds for the IMF, saying, “There was recognition that more needs to be done.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold - $1,644.10 - Up $2.20.
- Silver - $31.73 - Down $0.12.
- Platinum - $1,580.90 - Up $3.90.
- Palladium - $676.00 - Up $11.80.
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