Closing Gold & Silver Market Report, 07/24/2012

AMERICAN STOCKS SINK ON EUROPEAN FEARS  

American stocks closed the day with a third straight loss of 100 points or more in the Dow Jones Industrial Average. Fears of European problems drove markets after Moody’s lowered the outlook on German and Dutch debt this morning. Germany, the strongest economy in the eurozone, has been seen as a safe haven and has benefited lately from incredibly low interest rates. Interest rates on German debt did increase today, although strong demand still kept the fluctuation low. 

The same safe haven appeal kept the Gold price relatively steady today, with a slight increase, despite an increase in the value of the dollar. “Gold is mostly taking its cues from the euro/dollar. Volume is pretty decent, suggesting there are good underlying bids here,” said Jonathan Jossen, an independent COMEX Gold options floor trader. Weak global manufacturing data has been taking its toll on Palladium lately. Palladium, mostly used by the automobile industry in catalytic converters, hit its lowest price of 2012, $551.68, before rebounding slightly. Prices for Silver and Platinum, metals also driven by industrial demand, fell as well.

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

  • Gold, $1,581.80, Up $2.90.
  • Silver, $27.02, Down $0.11.
  • Platinum, $1,383.20, Down $15.70.
  • Palladium, $564.60, Down $7.30.

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
4/25/2014 12:02:45 AM EST

Metal Bid Ask Change
Gold $1,291.80 $1,293.80 $1.20
Silver $19.50 $19.60 ($0.15)
Platinum $1,402.50 $1,412.50 $2.90
Palladium $797.50 $802.50 ($0.80)
4/25/2014 12:02:45 AM EST

Click here for Historical Charts*All Charts are in USD


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