Morning Gold & Silver Market Report, 8/13/2012
GOLD, SILVER HOLDING ON TO RECENT GAINS
Precious Metals and equity markets were flat this morning as concerns about global growth continue to provide headwinds. Japan’s economy only grew by 1.4 percent, when it was projected to grow at 2.5 percent. Markets were down initially but have recovered on new hopes for further intervention by central banks around the globe.
France, the United States and Mexico (which holds the G20 presidency) will hold a conference call at the end of August to discuss whether an emergency international meeting should be called regarding soaring grain prices. The worst U.S. drought in 50 years is causing grain prices to rise to unprecedented heights. Benchmark Chicago corn has climbed to all time heights, which could send food prices soaring, as well. This committee will seek to avoid a repeat of the food price crisis of 2008.
Google plans to cut 4,000 jobs from its recently acquired Motorola division. This represents about 20 percent of the Motorola staff. About 65 percent of these cuts will come from outside the United States. Google will close about 30 of Motorola Mobility’s 90 facilities, as it seeks to simplify the wireless product offerings.
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,620.50, Down $0.80.
- Silver, $28.06, Down $0.11.
- Platinum, $1,402.50, Up $1.60.
- Palladium, $582.60, Down $1.10.
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