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Closing Gold & Silver Market Report 5/18/2012


It is generally a safe bet to say that Gold and the American dollar do not move in the same direction, but that trend has not held the past couple of days. Gold bounced sharply off lows, while the dollar continued to go up. Perhaps Gold has decoupled from risk assets and is again attracting investors looking for a safe haven. Certainly there has been disconcerting front page news of late. JPMorgan lost $2 billion and now it turns out they have an additional $100 billion tied up in similar risky bonds. Chesapeake Energy is under intense scrutiny for loans made to its chief executive. Moody’s downgraded 16 Spanish banks, and Greece must have another election to decide how to deal with an impending economic collapse. U.S.A. stocks experienced the longest weekly down streak of 2012. The much ballyhooed Face book Initial Public Offering occurred today and by most accounts fell flat on its face. There are record low mortgage rates, but no housing recovery.

The 10 year U.S.A. Treasury bonds are the go to safe haven play at the moment, despite paying historically low rates under 2 percent. If an investment is paying under 2 percent, it has a high probability of paying a negative real rate of return (factoring in inflation). Gold historically is a safe haven play and not a risk based asset. It would not surprise many investors if Gold continued to decouple from risk assets and return to its investment roots as a protector of wealth in difficult economic times.

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

  • Gold, $1,593.30, Up $16.90.
  • Silver, $28.74, Up $0.65.
  • Platinum, $1,456.00, Up $0.60.
  • Palladium, $605.00, Down $2.90.

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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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