Morning Gold & Silver Market Report – 9/21/2012
GOLD MOVES UP; TALK OF MORE STIMULUS FORTHCOMING
Gold is continuing to rise following the abundance of economic stimulus in the global economy. Many central banks around the world have implemented plans to ease financial issues, including the United States, Europe and Japan. These moves have had a positive impact on Gold’s pricing and they could become a growing trend. “With the open-ended scheme to print as much dollars as needed until the U.S. economy recovers, Gold's uptrend has fewer barricades on the way at least to earlier highs,” Richcomm Global Services senior analyst Pradeep Unni said.
In Europe, there has been an upward swing that has the financial outlook more positive this week. Last week the Euro hit a four and a half month low. This week was a chance to rebound and gain back some of the lost ground. Many financial experts believe it has more to do with politics than the actual economy. “One of the real plus points we have had this week is that there have been no European politicians saying anything stupid, so if that can continue over the coming weeks it will help stabilize markets,” said Alastair McCaig at financial spread betting firm IG index.
In the United States, the talk over the past few weeks has been in regards to the Federal Reserve’s financial stimulus. It has had a positive effect on the markets so far; however there are some that believe there is more to be offered. “They’re sending a message to people making long-term decisions about investment and hiring: Don’t worry about us clamping down, we are going to have accommodative policy even in a stronger recovery,” said Michael Gapen, senior U.S. economist at Barclays Plc’s investment-banking unit and a former member of the Fed’s Division of Monetary Affairs. “They are telling you, ‘We have a long way to go, and we are going to let this run.’”
At 9 am (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,787.90, Up $18.70.
- Silver, $35.18, Up $0.49.
- Platinum, $1,646.30, Up $21.40.
- Palladium, $674.50, Up $13.40.
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