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Mid-Day Gold & Silver Market Report, 9/6/2012


American stocks were up today, following positive economic reports and news about the European Central Bank’s (ECB) unlimited bond buying program. Information showing growth in the United States services sector, as well as in employment and exports, coincided with the ECB’s announcement, and this has driven the S&P 500 to its highest point since 2008. ECB President Mario Draghi said the new bond buying plan “will enable us to address severe distortions in government bond markets, which originate from, in particular, unfounded fears on the part of investors of the reversibility of the euro.”

The Gold price benefited as a result of the latest news from the eurozone, rising above $1,700 per ounce to reach its highest level in six months. “Gold is holding because the market has been given what it was hoping for, but in order for Gold to move decisively higher from here, we need to see what numbers the U.S. will bring to the table,” said Ole Hansen, senior manager at Saxo Bank. Hansen’s remark was in reference to anticipation of the United States Federal Reserve’s announcement on whether or not it will seek its own bond buying plan to help stimulate a lagging American economy. A third round of quantitative easing (QE) could give an additional boost to Gold prices, as QE has been one of the main factors in doubling the price of Gold since 2008.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,704.80, Up $11.80.
  • Silver, $32.69, Up $0.36.
  • Platinum, $1,587.00, Up $10.40.
  • Palladium, $647.50, Down $0.60.

APMEX’s Account Managers now have extended hours Mondays through Fridays and are here to serve you until 8 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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