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


In testimony before members of Congress today, Federal Reserve Chairman Ben Bernanke said the central bank is prepared to act to support the economy, but he remained uncommitted to any specific actions. However, Bernanke was much more negative on the economic outlook today than in previous statements. “His downbeat assessment of the economy left the impression that QE3 may be coming soon,” said Jeffrey Kleintop, chief market strategist at LPL Financial Corp. With the lack of specifics coming from Bernanke’s testimony, the Gold price dropped to end the day lower than it began.

Bernanke urged Congress to handle the looming “fiscal cliff” and avoid the brinksmanship that brought the nation to a standstill during last year’s battle over the debt ceiling. Bernanke took Congress to task over their collective inaction, saying, “The most effective way that the Congress could help to support the economy right now would be to work to address the nation’s fiscal challenges in a way that takes into account both the need for long run sustainability and the fragility of the recovery.”

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

  • Gold, $1,584.00, Down $9.10.
  • Silver, $27.36, Down $0.05.
  • Platinum, $1,417.70, Up $0.40.
  • Palladium, $584.00, Up $5.20.

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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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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