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Morning Gold & Silver Market Report – 5/16/2012

GOLD PRICE AWAITS FED ACTION; GOLDMAN SACHS PREDICTS RISE

Precious Metals have extended their price decline this morning, and Bill Greiner of Mariner Wealth Advisors said that it has much to do with the Federal Reserve.  “It’s highly possible that we’ll see Gold and commodities in general continue to drift down until the Fed steps in with some sort of quantitative easing package.”  In the past, Gold and other Precious Metals have greatly benefited from quantitative easing.  Goldman Sachs’ commodity research team wrote that the Fed is likely to start another round of easing in June. 

Likewise, Hussein Allidina of Morgan Stanley wrote that the European Central Bank will be forced to print money to attempt to alleviate some pressure of the eurozone debt crisis.  Morgan Stanley predicts an average price for Gold of $1,825 this year and $2,175 in 2013.  With prices well below those targets, they are predicting that Gold will spend a portion of the year well above those prices to balance it out.

American stock futures are up slightly after housing reports showed that new homes are being built at a quicker pace than expected.  March’s numbers were revised sharply upward, and April’s numbers still showed improvement.  However, permits for new construction, seen as a gauge of future demand, are down.

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold – $1,541.10 – Down $17.50.

  • Silver - $27.50 – Down $0.66.

  • Platinum - $1,430.10 – Down $17.40.

  • Palladium - $596.00 – Down $6.10.

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    Disclaimer:
    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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