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Closing Gold & Silver Market Report, 7/11/2012


American markets, with hopes for additional quantitative easing, ended mostly lower today after the minutes of the most recent Federal Open Market Committee meeting were released. The minutes, which give insight into policy makers’ decisions, showed a lack of support for further easing. “On balance, the minutes do not on the surface suggest a sizable body of support for further immediate action, although it should be borne in mind that the comments were made prior to recent data disappointments,” said Peter Buchanan, economist at CIBC World Markets. The American dollar climbed in value, pushing the euro to its lowest value in two years. The Gold price had little change today, as the downward pressure on Gold was mostly offset by demand from investors seeking a safe haven.

With the entire global economy in the midst of synchronized slowdown, many analysts see further easing of monetary policy as a catch 22. Fiscal stimulus measures such as quantitative easing and record low interest rates are “now seen as a sign of weakness rather than strength,” said Andrew Kenningham, senior global economist at Capital Economics.

Goldcorp Inc. of Canada, one the world’s largest Gold mining companies, cut its output forecast for 2012 by nearly 10 percent today, pushing its stock valuation down by the same percentage. With physical demand still strong, the reduction in supply could affect the Gold market.

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

  • Gold, $1,577.50, Up $3.80.
  • Silver, $27.16, Up $0.21.
  • Platinum, $1,428.90, Down $0.80.
  • Palladium, $583.90, Up $6.30.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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