Morning Gold & Silver Market Report, 7/16/2012

GOLD PRICE PAUSES, AWAITS FED CHAIRMAN’S TESTIMONY  

Federal Reserve Chairman Ben Bernanke is scheduled to give his semi annual testimony before a Senate panel Tuesday and the House Financial Services Committee on Wednesday. Although investors will be keeping a close watch for any mention of a third round of quantitative easing, it is expected that Bernanke will again scold or warn politicians that the nation is rapidly approaching a fiscal cliff, and Congress should act soon. The “cliff” describes what could happen to the American economy when tax breaks totaling as much as $720 billion expire Dec. 31, and automatic spending cuts kick in Jan. 1. It appears there is little chance Congress will act before the November elections. Bernanke could make it clear that QE3 is still on the table if the economy continues to deteriorate, but many analysts said they think he will wait until his Jackson Hole speech in August before he brings up the topic of QE3.

Big banks doing bad things are again in the news. The Justice Department is investigating potential criminal charges against big banks and individuals for manipulating key global interest rates. LIBOR is the London interbank rate that is set by a small and select group of major banks. Barclays Bank already has been fined $450 million for fixing LIBOR. Other banks being investigated include Citigroup, JP Morgan Chase, the Royal Bank of Scotland and Deutsche Bank AG. Another question is whether regulators knew about the situation but turned a blind eye.

American retail sales fell for the third straight month in June, further eroding confidence in a fragile economic recovery. Analysts expected retail sales to rise by 0.2 percent, but data released this morning by the Commerce Department show spending slipped by 0.5 percent. This report could raise hopes the Federal Reserve will need to act sooner or later with a new round of quantitative easing.

At 9 a.m. (EDT), the APMEX Precious Metal prices were:

  • Gold, $1,590.60, down $2.90.
  • Silver, $27.35, down 10.
  • Platinum, $1,421.90, down $13.30.
  • Palladium, $582.90, down $3.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

« Return to Commentaries

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


Sell To Us

Selling your bullion or collectible coins is very easy and safe with APMEX! We are one of the largest gold & silver dealers in the country. Read More



APMEX Reviews

Just a short note, I've been dealing with you for several years your products are excellent customer service top shelf, packaging delivery top notch, and a easy fun website to look at.

Kevin | January, 2014 View All

As seen on...