Mid-Day Gold & Silver Market Report, 8/24/2012

EUROPE STILL CENTRAL CONCERN; TV ANALYST PROMOTES GOLD  

In lieu of an official Federal Reserve decision on monetary easing, the eurozone remained the hub of market news Friday as uncertainty about the region’s debt crisis has caused the S&P 500 to drop below 1,400 for the first time in two weeks. “It’s been a bad week for markets. It’s a ‘very little volume’ reaction to some nice weeks of a rally. Investors are nervous (that) the market isn’t as cheap as it was, and that something could go wrong here,” said David Kelly, chief market strategist at JPMorgan Funds. German Chancellor Angela Merkel has engaged in talks with Greek Prime Minister Antonis Samaras with both asserting their allegiance to the euro.

The Gold price is flat today following a week of solid gains. Popular television financial analyst Jim Cramer remains bullish in his Gold outlook, saying investors should have upward of 20 percent of their assets in the metal. Cramer cites weak world currencies and supply and demand as the reasons he believes the price of Gold and other Precious Metals should only point northward in the future. “Gold is getting more difficult to get out of the ground. … At the same time, because of the debasing of currencies, people want to be in this safe haven. I think Gold is ready for a big run after recharging.”

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,672.20, Up $0.90.
  • Silver, $30.78, Up $0.24.
  • Platinum, $1,555.50, Down $0.40.
  • Palladium, $653.60, Down $4.50.

APMEX’s Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Fridays! If you have any questions about investing in Precious Metals or would simply 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 3:09:33 PM EST

Metal Bid Ask Change
Gold $1,291.50 $1,293.50 $6.90
Silver $19.65 $19.75 $0.26
Platinum $1,402.80 $1,412.80 $8.90
Palladium $796.80 $801.80 $14.80
4/24/2014 3:09:33 PM EST

Click here for Historical Charts*All Charts are in USD


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