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Market Reports

Closing Gold & Silver Market Report - 4/30/2012


Gold’s price recovered from early losses today as the focus in the eurozone debt crisis shifted to Spain. The financial circumstances surrounding Europe and the United States are looking optimistic for the Gold price, analysts said. “Investors will continue to seek refuge in its safe-haven status. Standard and Poor's cut the top-notch credit rating for the U.S. The debt crisis appears aggravated in Europe. We are not doing very well in India. Given the uncertainties about the fate of the global economy and closer at home, the yellow metal will continue to soar to new heights,” one analyst said.

News of Spain’s monetary crisis ultimately pushed the euro down and strengthened the American dollar this morning. With last week’s credit downgrade of two notches to BBB+ with a negative outlook for Spain’s credit rating by Standard & Poor’s, along with rising borrowing costs for the economy, it is no wonder why this is happening so quickly. Carl Weinberg at High Frequency Economics had some interesting advice for the country in order to prevent another Greece ordeal. Weinberg said, “The time to restructure Spain’s debt burden is now, before the market declines to fund its cash needs, and before billions are squandered unfixing its finances.”

Economist and author Robert Shiller said he believes the United States is in a state of “late Great Depression” as consumer confidence shows a shortage of trust in the economy. “Our whole economy has been affected by variations in confidence. Central banks are sort of trusted, but the actions they have often affect people’s confidence by appearance rather than substance. We’re not in the most trusting mood now,” Shiller said.

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

  • Gold - $1,666.60 - Up $0.80.
  • Silver - $31.07 - Down $0.36.
  • Platinum - $1,569.50 - Down $6.20.
  • Palladium - $684.50 - Up $2.00

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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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