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Morning Gold & Silver Market Report, 8/24/2012

GOLD SLIGHTLY LOWER; MARKET ‘JUST WAITING’ FOR MORE FROM FED  

American stock futures and Gold are slightly lower this morning as investors continue to analyze the latest Federal Open Market Committee minutes. The top story hasn’t changed; all eyes are firmly on a small town in Wyoming. “Given all the mixed messages, the Jackson Hole symposium next Friday is building up to be a key event as we look forward to the latest download from the chairman himself,” said James Reid of Deutsche Bank.

Yesterday, the St. Louis Federal Reserve president said that more easing may be unnecessary. Today, one of the longtime supporters of further quantitative easing by the Fed, Chicago Fed President Charles Evans, stated his view on the matter. “The outlook for growth is 2 percent, if we are lucky 2.5 percent, over the next 18 months to two years. Back in the spring, we thought it was going to be 2 1/2, 3 percent. … We stepped down our outlook; unemployment is 8.3 percent; there’s a lot of reason to do more,” he said.

Though the Gold price has come off the recent rally this morning, Pradeep Unni of Richcomm Global Services said that it likely won’t last long. “Having got the necessary signals from the Fed for QE3, the market is just waiting for a confirmation to spike higher,” he said. “Any consecutive release of weaker than expected economic data will only add fuel to the fire.”

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

  • Gold, $1,668.90, Down $2.40.
  • Silver, $30.58, Up $0.04.
  • Platinum, $1,542.00, Down $13.90.
  • Palladium, $644.80, Down $13.30.

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Disclaimer:
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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