Mid-Day Gold & Silver Market Report – 09/11/2012


Gold continues to stay in positive territory through mid-day trading as the U.S. dollar continues to weaken against the euro. Warnings regarding U.S. creditworthiness have added to the expectation the Federal Reserve will take action, encouraging Gold demand. "The overwhelming consensus is in favor of more (quantitative easing) in a significant way. Let's assume that happens. Gold is going to go higher, and $1,800 looks very likely in the short term, but partly because the inflation risks are higher than they were," Daniel Smith, an analyst at Standard Chartered, said.

Credit rating agency Moody’s has warned that the U.S. may lose its Aaa credit rating if next year’s budget policies do not show a pattern of reducing the national debt over time. If budget talks "lead to specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term, the rating will likely be affirmed and the outlook returned to stable," Moody's said in an emailed statement. "If those negotiations fail to produce such policies, however, Moody's would expect to lower the rating, probably to Aa1." Last year rival Standard & Poor’s downgraded the U.S. credit from its top rating.

The broader U.S. stock market is also moving up on the expectation of action by the Federal Reserve, with the S&P 500 up nearly one half percent by mid day.  The S&P 500 30-day moving average is up almost 17 percent. “The market is anticipating that there will be some stimulus move on the part of the Fed,” John Praveen at Prudential International Investments Advisers said. “The market is grinding higher on liquidity because of what central banks have done and on hopes of further stimulus from the Fed and positive moves from European policy makers.”

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

  • Gold, $1733.50, Up $4.70.
  • Silver, $33.65, Up $0.02.
  • Platinum, $1,610.10, Up $5.30.
  • Palladium, $674.50, Up $1.70.

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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
4/23/2014 10:05:10 AM EST

Metal Bid Ask Change
Gold $1,285.80 $1,287.80 $4.70
Silver $19.40 $19.50 $0.09
Platinum $1,391.00 $1,401.00 $0.70
Palladium $781.30 $786.30 $1.60
4/23/2014 10:05:10 AM EST

Click here for Historical Charts*All Charts are in USD

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