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Morning Gold & Silver Market Report, 8/7/2012


Precious Metals prices were up again in early morning trading as the euro gained on the American dollar on the hope that the European Central Bank will step in with a quality easing plan. However, concerns persist over our own fiscal cliff and investor outlook for further Fed easing domestically. Analyst David Wilson hit on both concerns, saying, “It’s all about the exchange rates. We’ve had a slightly softer dollar, and that’s been supportive. Every so often we get some more optimism that Europe is sorting out its problems, as we did over the second half of last week, but I don't think this (strength) will continue. For that, we really need to see a significantly softer dollar, and that won’t happen until the Fed takes action.”

Meanwhile, reputable or “safe” banks are starting to show their faults. Standard Chartered’s reputation has taken a huge hit as dealings have come to light that suggest the British bank hid $250 billion for Iran over the past 10 years in almost 60,000 transactions. If so, the bank could lose its New York banking market license. Analyst Gareth Hunt said,Some people were walking around under the illusion that Standard Chartered was the world’s first riskless bank, and it’s not. We’ve discovered that Standard Chartered is a mortal bank, as they all are.” Standard Chartered was one of the least affected global banks during the global financial crisis. This credibility hit, coming when banks need to step up and lend during globally uncertain times, is alarming.

The world’s wealthier people seem to have taken notice of this growing uncertainty with banks and have begun branching out into smaller wealth management services, such as multifamily offices. The top growing firms for the ultra wealthy are family offices that actually have no banking affiliation. Chief investment officer Rick Pitcairn has said, “If you are able to serve one of these complex families in an excellent way, you have the added benefit of creating an annuity effect by forming long term relationships. While the margins may be smaller in the beginning, the opportunity to build and expand these relationships over time is far greater.” The alternative benefits certainly aren’t anything to sniff at, either. But considering the lack of outside influence, the popularity of this business model continues to grow.

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

  • Gold, $1,615.60, Up $1.40.
  • Silver, $28.21, Up $0.24.
  • Platinum, $1,414.00, Up $11.10.
  • Palladium, $587.30, Up $6.20.

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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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