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Closing Gold & Silver Market Report, 7/18/2012


Precious Metals continue to respond to a falling euro and the conclusion of Federal Reserve Chairman Ben Bernanke’s testimony before Congress today. With no firm plan for quantitative easing established, a number of investors are scratching their heads but are hopeful for further Fed action. Metals analyst Edward Meir said, “While easing may be expected, investors are still saddled with the uncertainty of not knowing exactly when such an order will be given.”

Bernanke also took issue with a bill being passed through the House giving Congress the ability to review monetary policy decisions, a move that clearly would diminish the central bank’s independence. He called the proposal a nightmare scenario. He added that the bill “is very concerning because there’s a lot of evidence that an independent central bank that makes decisions based strictly on economic considerations and not based on political pressure will deliver lower inflation and better economic results in the longer term.”

U.S. stocks climbed for a second day in a row, along with treasuries and commodities. Chief investment strategist Mark Luschini said, “Earnings have been a mixed bag so far. But given the healthy state of corporate America with cash on the balance sheets and valuations undemanding, we can weather this environment in terms of share prices. … Looking at the markets, all I can see in them is the Bernanke bid.”

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

  • Gold, $1,574.20, Down $16.80.
  • Silver, $27.21 Down, $0.20.
  • Platinum, $1,406.10, Down $14.60.
  • Palladium, $575.80, Down $8.60.

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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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