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.
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