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Market Reports

Closing Gold & Silver Market Report, 8/1/2012


Precious Metals prices took a blow today as the United States Federal Reserve decided against any action to stimulate the economy at this time. The Federal Reserve is only one part of the monetary puzzle, so to speak, as the European Central Bank and the Bank of England are set to meet Thursday, which will give observers a better idea of what actions will be taken in the global marketplace to ease the fears. Monetary easing has been known to boost the price of Gold, as the value of currencies depreciates when easing occurs.

The Federal Reserve stopped short of any stimulus announcement but did acknowledge the economic recovery is sputtering. Although no new measures of easing were announced, there was a decidedly different tone from its previous proclamation in June that it was “prepared to take further action as appropriate.” In its statement, the Fed said, “The committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed.” There are a number of considerations being made to help boost the economy, including the Bank of England’s recent “funding for lending” proposal to increase lending to private citizens and corporations. Thursday’s European Central Bank meeting is being seen as a clear indicator of market activity. Strategist Jim Russell said, “The big fireworks will be tomorrow. Anything short of (aggressive ECB action) will represent a disappointment to capital markets.”

At 5:01 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,600.60, Down $11.60.
  • Silver, $27.46, Down $0.55.
  • Platinum, $1,398.00, Down $18.90.
  • Palladium, $582.00, Down $9.50.

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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