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Mid-Day Gold & Silver Market Report – 9/21/2012


U.S. stocks rose today due in part to reports that Spanish Economy Minister Luis de Guindos is finally seeking bailout arrangements from the European Central Bank (ECB). Spain will have to agree to conditions set forth by the ECB in order to receive a portion of the $130 billion that has been allocated in an effort to rescue the region’s economy. A hold on pensions and planned increase in retirement age are also being considered along with the stimulus to tackle a large public deficit and enormous debt.

The recent onslaught of central bank spending and risk of hyperinflation has lead to an increase in investors who are turning to Gold. “Gold has historically been considered to be a store of value and an inflation hedge and increasingly it is being utilized as a monetary instrument,” said Mark Smallwood, head of Asia-Pacific wealth-management solutions. “There is a growing interest among our clients to gain exposure.” Renowned hedge fund manager and founder of Bridgewater Associates Ray Dalio told CNBC today that Gold “should be a part of everybody’s portfolio to some degree, because it diversifies the portfolio. It is the alternative money.” The latest round of bond-buying announced by the Federal Reserve has caused Bank of America to predict gold costs of $2,400 by the end of 2014 and Deutsche Bank to forecast gold breaching $2,000 during the first half of 2013.

At 1 pm (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,778.50, Up $9.30.
  • Silver, $34.75, Up $0.06.
  • Platinum, $1,637.90, Up $13.00.
  • Palladium, $671.40, Up $13.30.

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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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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