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Closing Gold & Silver Market Report, 6/20/2012


Although quantitative easing (QE) was not announced, the extension of the Fed’s Operation Twist has dropped Precious Metals prices for the time being. The outlook for Precious Metals remains tied to any Federal Reserve indication of further QE, as well as the European economic situation. Adviser Bill O’Neill said, “At least for the near term, it’s mainly a short term negative for Gold because it indicates that there won’t be immediate and new aggressive accommodation, and certainly no QE3 at all judging from this statement.” However, in a note to its investors, Commerzbank analysts wrote, “It is quite possible, though, that the current June high at $1,641 will be surpassed this week and that the 50 percent retracement of the February to May decline and the 200 day moving average at $1,668 will be reached before another medium term down leg rears its head.”

Wednesday’s announcement led to a lot of market volatility, in both Precious Metals and the stock markets. Investors are concerned with European debt crisis resolution and the Operation Twist extension and what it really means to the markets. The Fed cut 2012 growth estimates, and concerns heighten over the unemployment data. However, further QE is not ruled out. Chief investment officer Eric Teal said, “It’s not all bad news, but caution is warranted. If the Fed saw significant deterioration, the policy response would have been on a larger scale. Yet there’s increased risk to the economic outlook.”

Greece finally has put together a coalition government behind newly sworn in Antonis Samaras and the promise from politicians to negotiate more agreeable terms so as to maintain the international flow of bailout money. Another crucial element that is damaged is the people’s dignity within Greece. After being sworn in, Samaras spoke to reporters and said, “I am fully aware how critical this time is for our nation. I know very well that Greek people are hurt and need to regain their dignity. I know that the economy must quickly recover to re-establish social justice and cohesion.” This is a truly daunting task that faces Samaras, putting together a cabinet, overcoming perceived political shenanigans and overcoming the economic tumult from previous leadership.

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

  • Gold, $1,608.70, Down $15.00.
  • Silver, $28.18, Down $0.29.
  • Platinum, $1,459.50, Down $23.00.
  • Palladium, $621.00, Down $9.40.

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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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