Closing Gold & Silver Market Report, 8/17/2012

GLOBAL INVESTOR SOROS SELLS STOCKS, BUYS GOLD  

George Soros, a famous global investor, sold his shares in American financial stocks and used the proceeds to buy Gold. It is worth noting that he did so at a time when the Dow crossed 13,000, its highest level since April 2008. Soros also is noted for his close ties with the Obama administration. When a person of his wealth and connections pulls out of United States financial stocks to buy Gold, it does not go unnoticed.

London based clearing house CME Clearing Europe has followed the lead set by CME Clearing in the United States in October 2009 and is now accepting Gold as collateral to cover margin requirements. This is a further indication that Gold is now viewed as a currency and not a commodity. CME Clearing Europe was launched in May 2011.

A World Gold Council report this week indicated that central banks bought Gold at a record pace in the second quarter of 2012. This trend of moving away from paper currencies to Gold began in 2010. In 2010, central banks became net buyers of Gold for the first time in decades; however, there were still some countries that were net sellers. In 2011, buying increased, and there were no central banks that sold more Gold than they purchased. In 2012, central bank purchases have continued to climb. Investors should draw their own conclusions on why banks are moving away from paper currency and what this ultimately will mean for Gold prices.

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

  • Gold, $1,615.90, Down $1.80.
  • Silver, $28.12, Down $0.20.
  • Platinum, $1,473.70, Up $37.50.
  • Palladium, $608.20, Up $23.30.

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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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