Mid-Day Gold & Silver Market Report 5/18/2012

PRECIOUS METALS ON THE RISE; CHINA, GREECE WORRY INVESTORS  

Precious Metals prices are on the rise following this morning’s trends. The Gold price in particular is increasing, based on speculation the Federal Reserve may announce further stimulus to give the U.S. economy a healthy boost. Investors are reacting to the assumption by purchasing Gold as a hedge against inflation. Edel Tully at UBS AG in London said, “To see a return of Gold reacting positively to macro stresses is indeed refreshing, but it is still far too early to make any firm conclusions from here that Gold has indeed turned the corner. Follow through buying will have to kick in to encourage investors to jump in.” 

Marc Faber, the editor and publisher of the Gloom, Boom and Doom report, spoke with CNBC regarding China, the second largest economy in the world, experiencing a possible slowdown and how that would affect prices of industrial commodities. Faber said he thinks the unforeseen troubles in China are worse than those in Greece. He said, “I think the biggest risk is actually China because, if you look at Greece, it’s an insignificant economy. Yes, they owe money, but the market knows that it’s bankrupt.”

The eurozone crisis continues and appears it will not be settled anytime soon. Germany has stepped in and assisted the eurozone through its predicament by preventing any type of recession, but it may feel repercussions soon. Jennifer Mckeown at Capital Economics said, “With the situation in Greece edging close to crisis point and demand from outside the eurozone slowing, we expect the IFO measures of current activity and expectations to have fallen this month … a decline this month may well be a sign of things to come.”

At  1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold: $1,588.60, Up $12.20.
  • Silver: $28.70, Up $0.60.
  • Platinum: $1,457.40, Up $2.00.
  • Palladium: $605.80, Down $2.10.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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