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Closing Gold & Silver Market Report - 9/24/2012


Gold is attempting to hold its price as investors have begun to take profits today. Natixis Bank believes QE3 was a major contributor to Gold’s rising price and they think more positive contributors will come for the metal. Natixis Bank said, "The market will instead turn to the question of the imminent U.S. "fiscal cliff" and the need for an increase in the country's debt ceiling shortly thereafter. It is worth recalling that the peak in Gold prices in 2011 was related not to QE, but to growing concerns about the health of U.S. finances, and the prospect that the U.S. may be suffering from problems similar to those of European governments."

Now that another round of quantitative easing has been announced, it is no longer a matter of when the Federal Reserve will provide further stimulus to the American economy, but if the measures will be sufficient enough. "QE3 will likely be insufficient to significantly boost equity markets and we wouldn’t be at all surprised to see the Fed dramatically augment this program (i.e., QE4) before year-end," said Morgan Stanley chief equity strategist Adam Parker in a research note.

At 4:10 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,766.00, Down $11.00.
  • Silver, $34.05, Down $0.60.
  • Platinum, $1,622.10, Down $16.50.
  • Palladium, $645.00, Down $26.60.

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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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