Closing Gold & Silver Market Report, 7/18/2012

FED CHIEF SLAMS BILL; EURO FALLS, TAKING GOLD WITH IT  

Precious Metals continue to respond to a falling euro and the conclusion of Federal Reserve Chairman Ben Bernanke’s testimony before Congress today. With no firm plan for quantitative easing established, a number of investors are scratching their heads but are hopeful for further Fed action. Metals analyst Edward Meir said, “While easing may be expected, investors are still saddled with the uncertainty of not knowing exactly when such an order will be given.”

Bernanke also took issue with a bill being passed through the House giving Congress the ability to review monetary policy decisions, a move that clearly would diminish the central bank’s independence. He called the proposal a nightmare scenario. He added that the bill “is very concerning because there’s a lot of evidence that an independent central bank that makes decisions based strictly on economic considerations and not based on political pressure will deliver lower inflation and better economic results in the longer term.”

U.S. stocks climbed for a second day in a row, along with treasuries and commodities. Chief investment strategist Mark Luschini said, “Earnings have been a mixed bag so far. But given the healthy state of corporate America with cash on the balance sheets and valuations undemanding, we can weather this environment in terms of share prices. … Looking at the markets, all I can see in them is the Bernanke bid.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,574.20, Down $16.80.
  • Silver, $27.21 Down, $0.20.
  • Platinum, $1,406.10, Down $14.60.
  • Palladium, $575.80, Down $8.60.

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.

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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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