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Closing Gold & Silver Market Report 4/18/2012


Precious metals prices remained down across the board, following morning and midday trends. Asia’s physical demand for Gold is down now. James Steel, chief commodity analyst at HSBC, said, “The lack of physical demand in Asia was an issue. We haven’t seen India come back heavily after the end of the jeweler strike. And volume was low, so it doesn’t take a great deal of selling to move the market.”

Citigroup’s chief U.S.A. equity strategist Tobias Levkovich spoke to CNBC today about his skepticism on the stock market and how the market has been reacting to news. Levkovich said, “Apparently we resolved all of Europe, the U.S. has no fiscal cliff, China — hard landing, soft landing — settled. Iran, no issues to worry about. That was kind of extreme the other way. You’re putting yourself at more risk. I refer to the market right now as being somewhat accident prone.” Levkovich said he was concerned for companies in the June quarter. 

As the time nears for one of India’s largest Gold buying festivals, the Akshaya Tritiya festival, the Indian government’s postal department is preparing for the small investors that will purchase through the postal department. Buying Gold is very popular in India and ultimately symbolizes wealth and prosperity. Traders said high sales were a sign that the yellow metal was gaining acceptance as an ideal investment in the world’s biggest Gold consuming nation.

At 5 p.m. (EDT), the APMEX precious metals spot prices were:

  • Gold - $1,643.50 - Down $8.10.
  • Silver - $31.65 - Down $0.09.
  • Platinum - $1,577.80 - Down $5.90.
  • Palladium - $656.50 - Down $6.50.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.


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