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Closing Gold & Silver Report, 5/23/2012

MARKETS FALL AS EUROPEAN FEARS SWELL  

Gold retreated today as Europe continued to fan flames of fear worldwide. Markets were in selloff mode, as more than two-thirds of stocks on the New York Stock Exchange lost value, and oil prices fell below $80 a barrel for the first time in eight months. “Concerns over the prospects of Greece leaving the European Union and the resulting effect on the eurozone’s future economic health had sellers out in force,” said Alan Herbst, a principal at Utilis Advisory Group.

Despite Gold’s recent drop in price, many analysts remain bullish on the long term prospects. “I remain constructive on Gold as a store of value, or an alternative currency, but instead investors are using it as a source of cash or stepping over to go to the more traditional bastions of safety, as in the German bund, the U.S. dollar or Treasuries,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. It seems that investors are using Gold as an insurance policy, and filing claims to raise their cash positions.

Speculation abounds over who will be tapped to fill the job of Treasury secretary once Timothy Geithner steps down after November elections. The new secretary undoubtedly will have a full plate of issues to deal with, from a trillion dollar deficit in the American budget to a debt crisis in Europe and our strategic relationship with China.

At 4 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1562.80, Down $15.30.
  • Silver, $27.86, Down $0.41.
  • Platinum, $1427.40, Down $33.00.
  • Palladium, $596.00, Down $21.60.

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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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