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Morning Gold & Silver Market Report, 6/4/2012


The Federal Open Market Committee has never taken QE3 off the table. The possibility of a third round of quantitative easing has remained an option should the circumstances warrant it. Many analysts view Friday’s dismal jobs report as just the sort of circumstance that might trigger the next round of easing. The report’s 69,000 new jobs added was disappointing, but the news was all the more lackluster considering the numbers from the previous two months had been lowered. Speaking on CNBC this morning, Dennis Gartman said there is a 100 percent chance of further Fed easing. Frank Lesh, broker and futures analyst with FuturePath Trading, said, “Now it appears as if the U.S. may have to act with Europe. That just means throwing more money at it. That’s just what Gold wanted to hear.”

The call for central banks to take action is not just being heard here in the United States, but it’s being heard worldwide. Bond yields have declined, and global stock markets continue to go down. John Noonan, senior foreign exchange analyst with Thomas Reuters, said, “Synchronized monetary easing could happen as early as even this week, as central banks of Australia, England and Europe meet.” Michael Gayed, chief investment strategist at Pension Partners, said this could be a do or die moment for central banks. American bond yields are at their lowest levels since post-Lehman days, which is a sign the market is expecting QE3 from the Federal Reserve.

Gold is holding on to Friday’s gains in early morning trading. Friday was the biggest one day advance since last August on investor risk aversion and the greater expectations for worldwide monetary easing.

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

  • Gold,$1,620.70, down $0.90.
  • Silver, $28.41, down $0.19.
  • Platinum, $1,438.80, up $3.60.
  • Palladium, $612.20, down $1.80.

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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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