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Mid-Day Gold & Silver Market Report, 6/22/2012


Silver is in high demand around the globe now, but especially in India as the white metal has regained its luster. The attraction to Silver in India comes from how the metal is perceived. It is looked at as bringing good luck and prosperity along with being more affordable for some. “People’s appetite for investing in the white metal has skyrocketed lately, with most consumers coming in and picking up Silver coins in double digits,” said Sonamull Shah, bullion trader in India. Analysts believe the return for Silver in 2012 will be about 6 percent, when last year the return was negative. Gold is expected to have a 20 percent return this year compared to a 10 percent return in 2011.

After the Federal Reserve announced further stimulus might be possible in the future, many have speculated what would have to occur for it to happen. St. Louis Federal Bank President James Bullard said, “QE3 I think is viewed as still having a pretty high hurdle. We can do that, and I think it would be effective. But we would be taking a lot more risk on our balance sheet, and we’d be going further into unchartered territory.” The Fed already has bought an estimated $2 trillion in assets in two rounds of quantitative easing programs to assist with America’s financial crisis.

To restore Europe’s economy, Germany, France, Italy and Spain’s leaders came to agreement today on a 130 billion euro package to offer joint bonds and to handle the eurozone debt crisis. Italian Prime Minister Mario Monti said, “Growth can only have solid roots if there is fiscal discipline, but fiscal discipline can be maintained only if there is growth and job creation.” German Chancellor Angela Merkel approved the development package, although there was nothing stated about past or future eurozone debt borrowing.

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

  • Gold, $1,567.60, Up $1.60.
  • Silver, $26.80, Down $0.15.
  • Platinum, $1,436.00, Down $4.60.
  • Palladium, $608.50, Down $1.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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