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Morning Gold & Silver Market Report – 9/19/12

GOLD NEAR SEVEN-MONTH HIGH AS BANK OF JAPAN EASES

The Gold price rose this morning on news that the Bank of Japan has joined the United States Federal Reserve and the European Central Bank on the quantitative easing bandwagon. Max Cohen of Spreadex Ltd. said, “As central banks around the world pull together to provide stimulus and growth to the markets, currencies are at risk of devaluing, and as a result of this, Gold has climbed to its highest level in more than six months.” Austin Kiddle of Sharps Pixley said, “I believe that the central bank moves will be a strong support structure for the current range that Gold is in, and I feel that they are part of the ‘holy trinity’ of factors that will see Gold continually edge upwards in the future.” According to Kiddle, the other parts to the ‘holy trinity’ are global political tensions and a rise in Gold production costs.

The quantitative easing announcements have not sat well with everyone, however. The Fed’s James Bullard said, “We should take a little bit more (of a) wait-and-see posture.” He added, “I would have voted against it based on the timing. I didn’t feel like we had a good enough case to make a major move at this juncture.” The president of Germany’s Bundesbank pointed to Goethe’s tragedy Faust, saying that the play identifies “the core problem of today’s paper money-based monetary policy” and the “potentially dangerous correlation of paper money creation, state financing and inflation.”

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

  • Gold, $1,772.90, Up $2.80.
  • Silver, $34.64, Down $0.09.
  • Platinum, $1,634.50, Down $2.80.
  • Palladium, $670.40, Up $3.00.

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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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