Closing Gold & Silver Market Report, 7/17/2012
FED CHIEF HINTS AT QE3, REMAINS UNCOMMITTED
In testimony before members of Congress today, Federal Reserve Chairman Ben Bernanke said the central bank is prepared to act to support the economy, but he remained uncommitted to any specific actions. However, Bernanke was much more negative on the economic outlook today than in previous statements. “His downbeat assessment of the economy left the impression that QE3 may be coming soon,” said Jeffrey Kleintop, chief market strategist at LPL Financial Corp. With the lack of specifics coming from Bernanke’s testimony, the Gold price dropped to end the day lower than it began.
Bernanke urged Congress to handle the looming “fiscal cliff” and avoid the brinksmanship that brought the nation to a standstill during last year’s battle over the debt ceiling. Bernanke took Congress to task over their collective inaction, saying, “The most effective way that the Congress could help to support the economy right now would be to work to address the nation’s fiscal challenges in a way that takes into account both the need for long run sustainability and the fragility of the recovery.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,584.00, Down $9.10.
- Silver, $27.36, Down $0.05.
- Platinum, $1,417.70, Up $0.40.
- Palladium, $584.00, Up $5.20.
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