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Market Reports

Closing Gold & Silver Market Report - 5/9/2012


As the value of the American dollar continued to climb today on Europe’s fiscal worries, it pushed the Gold price down for the day. Silver fell to its lowest price since January. Frank Lesh at FuturePath Trading said, “Currency markets tend to rule in commodities, and right now the dollar is king.” The dollar has been boosted by the eurozone debt crisis. Lesh added, “Dollar strength is trumping any safety qualities of Gold at the moment.”

As mentioned in the Mid-Day Gold & Silver Market Report, the two key factors driving metal prices down come from the global effect of the economic and political issues that recently have surfaced, and the dollar has strengthened to a point that many investors are not accustomed to. And with a more powerful dollar, some observers have speculated that the Federal Reserve could alter its current policy to hold interest rates low until 2014. Narayana Kocherlakota, president of the Minneapolis Fed, said the next step may be to raise interest rates in response to a healthier economy ahead. “I would say in six to nine months, we should begin to be thinking about initiating our exit strategy,” Kocherlakota said. 

Many of us do not realize the amount of Precious Metals we are holding in the palms of our hands on a day to day basis with our electronic devices. Todd Willis at Redlan Metals, a Precious Metals refinery, shared how recycling your old cell phone, air cards, cell phone chargers, SIM cards, and lithium ion batteries is an environmentally safe and sound way to dispose of unused items. Willis said, “We look for Gold, Silver, Palladium and copper in cell phones scraps. … We return those metals back to the commodity markets. The key is you have to have enough volume in order for it to be economically feasible to go through the recovery process.”

At 5:02 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold - $1,590.70 - Down $14.80.
  • Silver - $29.25 - Down $0.25.
  • Platinum - $1,500.50 - Down $8.80.
  • Palladium - $613.90 - Down $10.00.
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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