Closing Gold & Silver Market Report – 9/21/2012
GOLD GAINING MOMENTUM
Precious Metals prices have ticked downward in afternoon trading, echoing the end of the week for stocks. Art Hogan of Lazard Capital Markets said of the stock market, “After having two explosive weeks to the upside, where the S&P 500 was up 3.5 percent, it’s a huge victory to come out this week virtually flat in the face of the concerns we have: the Middle East, the fiscal cliff and more bad news than good in the economic data stream.” Not mentioned was the recently-announced third round of quantitative easing, which is seen as increasing inflationary concerns.
The Gold price is still well within reach of the 2012 high of $1,790.30, and as previously reported, many hedge funds and central banks are getting back in the game. Jeffrey Sherman of DoubleLine Capital LP said, “There are a lot of hedge funds that bought call options a week or two ago. There have been big buyers after the Fed has committed to the monetization of debt.” Reuters has more details and charts that explain this further, but Gold’s 50-day moving average broke a plane earlier this week that indicates rapidly building momentum for the metal.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,774.10, Up $4.90.
- Silver, $34.58, Down $0.11.
- Platinum, $1,636.60, Up $11.70.
- Palladium, $671.10, Up $10.10.
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