Morning Gold & Silver Market Report, 7/20/2012

INVESTORS’ CAUTION WEAKENS DEMAND FOR GOLD  

Precious Metals prices have deflated since Federal Reserve Chairman Ben Bernanke’s testimony earlier this week, but metals remain poised for the first overall weekly increase in about a month. Physical demand for Gold is still depressed by India’s currency issues and a weakening ETF market, as well. Analyst David Wilson said, “Given the collapse of the rupee, Gold prices in India are still close to record highs, which is killing the jewelry market at the moment. … Physical investor demand, when you look at ETFs, is not positive, so you would need speculative demand to be making up the difference, and it’s not. That’s related to the issue of growing skepticism over whether there will be U.S. QE (quantitative easing).”

Meanwhile, a Spanish bank bailout has been agreed to pending the actual bank audit to see just how bad the property loan situation is. Luxembourg Finance Minister Luc Frieden said, “We have formalized what we discussed in the past two euro group meetings. We have formally approved the memorandum that lays out the conditions under which Spain can be lent money for the recapitalization of its banks. … The approval of all 17 ministers is there, and that means that the program can continue. Money will not flow immediately, because work on the analysis of the specific banks is ongoing.” The audit is expected to be completed by mid September.

Meanwhile, concerns continue to mount over the correct response to the escalating violence in Syria following Russia and China’s veto of the United Nations proposal. The swirling rumors that President Bashar al Assad has agreed to give up power are being shot down. The clamor for military assistance is not there the same way it was in Libya, either. The overall feeling is that “the regime is going through its last days,” rebel leaders said.

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

  • Gold, $1,578.80, Down $3.20.
  • Silver, $26.98, Down $0.33.
  • Platinum, $1,411.40, Down $11.70.
  • Palladium, $578.40, Down $7.50.

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
4/24/2014 3:24:02 PM EST

Metal Bid Ask Change
Gold $1,291.50 $1,293.50 $6.90
Silver $19.64 $19.74 $0.25
Platinum $1,403.00 $1,413.00 $9.10
Palladium $797.00 $802.00 $15.00
4/24/2014 3:24:02 PM EST

Click here for Historical Charts*All Charts are in USD


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