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


The Gold price remained flat Friday compared to movement seen earlier in the week. The surge in Gold’s price was supported by investors who believe the Fed is reaching its breaking point and is about to release the next round of quantitative easing in the United States. “Gold has this week broken out of its well defined, multi month downward trend line. That resistance, which kept Gold in a range in the last several months, should become a new level of support, suggesting Gold is not going down but going higher,” said Adam Sarhan, chief executive of Sarhan Capital.

China’s economy was expected to make a quick recovery, but a key private sector indicator released Thursday indicated otherwise. The Chinese factory activity hit a nine month low in August, prompting investors to wonder what the future holds for China. After the report was released, Frederic Neumann at HSBC said, “(While) we still believe the Chinese economy will pick up steam in the fourth quarter, this idea that the bottom has already passed in May, June, is optimistic. People jumped too quickly to the conclusion that China would fire everything at the economy to bring growth back up. What transpired is the policy makers have been cautious about over stimulating growth.”

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

  • Gold, $1,671.20, Down $0.10.
  • Silver, $30.84, Up $0.30.
  • Platinum, $1,551.50, Down $4.40.
  • Palladium, $654.50, Down $3.60.

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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