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Morning Gold & Silver Market Report, 8/27/2012


A Bloomberg report this morning stated the prospect that Gold might rise to $1,800 per ounce by year’s end, which could extend Gold’s gains for the year to more than 15 percent. This would be the greatest gain since 2010, when Gold saw a 30 percent increase. The expectation of higher Gold prices continues to be driven by speculation that many world governments including the United States and China will enact measures to stimulate their economies, which will increase Gold prices as an inflation hedge.

Although there are many who do not expect any major announcements by Federal Reserve Chairman Ben Bernanke at this week’s meeting in Jackson Hole, Wyo., one top Fed official is speaking out in favor of more stimulus. Chicago Federal Reserve Bank President Charles Evans told reporters that the Fed needs to launch QE3 immediately and keep buying bonds until the jobless rate goes down. “I don’t think we should be in a mode where we are waiting to see what the next few data releases bring,” Evans told the Hong Kong Bankers Club. “We are well past the threshold for additional action; we should take that action now.”

German Chancellor Angela Merkel has asked officials in her coalition to “weigh their words” when they call for a Greece exit from the euro. Merkel said such words are very damaging at a time negotiations are in a critical phase. It is clearly her intent to keep the euro intact. She also pointed out that Greece Prime Minister Antonis Samaras is taking very serious steps to reduce debt. September is seen as a critical month for European leaders as they continue to try and get a grip on this three year old crisis.

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

  • Gold, $1,670.40, Down $1.00.
  • Silver, $31.01, Up $0.30.
  • Platinum, $1,546.80, Down $8.60.
  • Palladium, $651.30, Down $2.40.

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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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