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Market Reports

Closing Gold & Silver Market Report, 8/2/2012


Stocks and many commodities sank lower today after the lack of any sign of commitment to stimulus by the European Central Bank. ECB President Mario Draghi had buoyed markets last week by promising that the ECB would “do whatever it takes.” However, at today’s news conference, “whatever it takes” turned into “what didn’t work when we tried it the first time.” While Draghi did say that the ECB would keep interest rates low to encourage lending by banks, this was far short of what was expected. “It’s status quo. I don’t know why people feel that authorities can come up with magic solutions. I don’t know that the magic bullet exists. There are limits to what the ECB can do,” said Hayes Miller, head of asset allocation in North America at Baring Asset Management Inc. Gold prices fell by about 1 percent on the news.

In a rare show of bipartisanship, members of the Senate Finance Committee passed legislation today containing $205 billion in tax breaks. However, analysts say the bill would have to be radically changed to pass through the House of Representatives. Still up in the air is exactly how Washington will handle the looming “fiscal cliff” -- the massive tax hikes and spending cuts demanded by the deal struck to raise the debt ceiling last year, scheduled to take effect in January. “These steps ... pare down the number of ‘must pass’ issues Congress has to tackle during the lame duck period, which will facilitate deal making on the toughest questions,” said Sean West, an analyst for Eurasia Group.

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

  • Gold, $1,589.40, Down $15.50.
  • Silver, $27.18, Down $0.47.
  • Platinum, $1,387.90, Down $13.40.
  • Palladium, $571.40, Down $12.30.

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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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