Morning Gold & Silver Market Report, 7/19/2012

METALS FOLLOW EURO TO REBOUND; FED TIME LINE ‘TIGHT’   

Precious Metals prices are on the upswing this morning, following the euro. The common European currency is rebounding on news that the European Union bailout fund will be able to support troubled Spain by buying Spanish bonds. Mitsui Precious Metals analyst David Jollie said, “It seems that every time we do not have (a third round of quantitative easing) announced, Gold slips back as some of these more speculative positions are liquidated. After that disappointed selling, I think the market returns to more normal behavior, and some of these speculators will try to rebuild positions. Others, such as the official sector, are also likely buyers on price declines.”

Federal Reserve Chairman Ben Bernanke’s second day of testimony was as uneventful as expected in the way of any announcements regarding further quantitative easing. Strategists at Lloyds Bank said, “Barring some severe intervening event or drastic downside data prints over the coming 10 sessions, it would appear that the chances of additional monetary stimulus ... being announced in the immediate future are receding. Indeed, the time line for Fed action is becoming increasingly tight, hemmed in as it potentially is by the looming presidential election in November.”

American stock futures are on the rise this morning, despite an increase in jobless claims. Economists expected an increase in claims to 365,000, but the actual number came in much higher at 386,000. These numbers have had less of an effect recently, said Daniel Silver of JPMorgan Chase & Co. He said, “We have to ignore claims for a few weeks because it’s just too hard to get a true signal from the numbers. Even just a small mistake in the seasonal factors can generate big changes.”

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

  • Gold, $1,585.40, Up $13.00.
  • Silver, $27.49, Up $0.31.
  • Platinum, $1,417.90, Up $13.70.
  • Palladium, $582.50, Up $4.00.

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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 3:02:27 PM EST

Metal Bid Ask Change
Gold $1,295.50 $1,297.50 ($8.00)
Silver $19.56 $19.66 ($0.02)
Platinum $1,410.50 $1,420.50 ($17.30)
Palladium $793.80 $798.80 ($4.50)
4/17/2014 3:02:27 PM EST

Click here for Historical Charts*All Charts are in USD


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