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Mid-Day Gold & Silver Report, 6/18/2012


With all the talk going into the weekend about the vote in Greece and its possible effects on Gold, today it seems the answer is still unclear. The initial reaction caused the Gold price to drop, however as reports point to a lack of planning for the eurozone’s future and the talk of quantitative easing here in the United States, Gold rebounded. “The fact that risk appetite has not rebounded more decisively after the Greek elections may suggest that the markets will push for a broader solution for the eurozone, one that would remove the contagion risk from Spain and Italy in particular. Gold seems to be waiting for the Fed meeting on Wednesday. It is more sensitive to central bank action than to variations in risk appetite,” said Anne-Laure Tremblay, BNP Paribas analyst.

Europe’s economic turmoil has been watched closely worldwide, and for good reason. When the future of one of the larger global markets is in question, all global markets are at risk. American exporters dealing in good ranging from chemicals to computers is expecting a trading drop in the next few months. “The decline in Europe will weaken our exports over the long term,” said Michelle Meyer, a senior economist at Bank of America Corp. in New York. “We look for the trade deficit to widen not only to the eurozone but developing economies, as well.”

The focus of the precious metals market and many others is set on the Federal Open Market Committee and the comments of Federal Reserve Chairman Ben Bernanke. After three years of trying to jump start America’s economy, the same issues continue to exist. Employment, inflation, and consumer confidence are at the forefront of issues that hinder America’s economic recovery. There will be many questions asked Wednesday, and everyone involved is eager to hear the responses.

At 1:27 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,626.20, Down $2.40.
  • Silver, $28.76, Down $0.08.
  • Platinum, $1,486.10, Down $3.10.
  • Palladium, $634.10, Up $2.70.

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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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