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.