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Morning Gold & Silver Market Report, 7/17/2012


Precious Metals prices were fluctuating this morning ahead of Federal Reserve Chairman Ben Bernanke’s scheduled testimony before Congress this afternoon. Any further monetary easing would be a boon to Gold prices. Analyst Daniel Brebner said, “As it seems the U.S. data continue to deteriorate, the market is starting to anticipate some kind of action, or at least rhetoric, from the Fed to support growth. … Will Bernanke come out dovish as usual? I think so. Will he explicitly discuss his options? I’m not convinced he will. So I’m not sure he’s going to give the market what it wants.” Meanwhile, Germany and Great Britain’s automobile sales have helped boost other Precious Metals including Platinum, thanks in large part to greater diesel usage, which affects demand for catalytic converters.

The focus of the Fed seems to be switching to unemployment numbers, as American unemployment has hovered above 8 percent for almost four years. The Fed’s original projections have been adjusted to reflect the higher levels. Chief Economist John Silvia said, “The employment number just isn’t improving; it’s the thing that’s out of whack. … Yes, you’ve got a dual mandate. But like everything else in life, sometimes you’ve got to focus on one more than the other.” Meanwhile, other economists have a more optimistic outlook for Bernanke. Economist Dean Maki said, “When people look back at the Bernanke years, I doubt they’ll be critical of him if the unemployment rate is falling, but just not as fast as people would like, because there’s a recognition that this was a deep recession.”

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

  • Gold, $1,587.40, Down $5.90.
  • Silver, $27.27, Down $0.13.
  • Platinum, $1,420.70, Up $3.40.
  • Palladium, $583.70, Up $4.90.

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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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