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Closing Gold & Silver Market Report - 5/7/2012


Investors are aware that Gold is a safe haven, but Warren Buffett, a well-known American business magnate, has made it apparent he does not invest in Precious Metals. However, Michael Pento, founder of Pento Portfolio Strategies, gave some interesting facts regarding why “Gold bugs” are choosing the alternative asset rather than following advice from Warren Buffett or Bill Gates. Pento said, “The stock market has gone nowhere in nominal terms in 12 years. It makes sense as a default under the current conditions of negative real interest rates to own something that keeps you afloat, that preserves your purchasing power. I would ask Mr. Buffett if he could own a lone share of a representative of the S&P 500, or would he rather have the equivalent of an ounce of Gold? Which investment has done better over the last dozen years?  The answer is clear: Gold.”

Gold production in China has continued to increase, and that country likely will be the world’s biggest Gold market in 2012 as physical demand persists. According to the World Gold Council, China’s Gold consumption in 2001 was 203.1 tons, and in 2011 the amount had more than tripled to 769.8 tons, showing the economy is expanding with a market interested in Gold. The Chinese people are encouraged to purchase Gold for retirement savings, said Zhang Jianhua of the People’s Bank of China. “The Chinese government should not only be cautious of the imported risk caused by rising global inflation, but also further optimize its foreign exchange portfolio and purchase Gold assets when the Gold price shows a favorable fluctuation,”' Jianhua said.

The outcome of elections in Greece was chaotic, sparking several protests. Investors have found this as a buying opportunity for the euro, because it is possible that Greece may be compelled to leave the union, thereby causing the euro to strengthen. “Long term, a Greek exit would be bullish for everyone,” said Mitch Goldberg, president of ClientFirst Strategy. “Germany will support Greece to make the transition as smooth as possible. The best way to strengthen a chain is to remove the weakest link.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold - $1,639.90 - Down $6.30.
  • Silver - $30.12 - Down $0.36.
  • Platinum - $1,530.80 - Down $6.20.
  • Palladium – $647.50 - Down $5.70.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help

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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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