Closing Gold & Silver Market Report – 09/20/2012
GOLD RESISTS PRESSURE; U.S. ECONOMY IN SLOW GROWTH
Gold held its position well today despite a strong movement in the dollar and weaker U.S. equities. Also, China reported low manufacturing activity, which pushed European stocks down for the third time in four days, worrying investors. The yellow metal was able to remain stable for the day. James Cordier at Optionsellers.com said, “Gold’s resilience stems from recently announced monetary easing in the United States and elsewhere. You’d think (a stronger dollar and weaker equities) would be a great excuse to take pretty big profits; this feels more like a pause.”
The United States unemployment rate has been a major concern, not only for the American people but for the Federal Reserve, and it is one of the reasons they’re launching QE3. The unemployment rate has been well above 8 percent for the past three years, which is the highest rate since the Great Depression. "We've seen a little move upward in jobless claims over the last few weeks, but nothing to suggest the economy is in trouble. It's more the case that we are still in a period of slow growth," said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,769.80, Down $0.90.
- Silver, $34.73, Up $0.13.
- Platinum, $1,627.90, Down $13.50.
- Palladium, $663.50, Down $9.60.
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