Closing Gold & Silver Market Report 04/19/2012

Brandi Brundidge

4/19/2012 4:26:00 PM

BULLION PRICES DIP IN EUROPE; CLOCK TICKING ON BANK RULE  

Concerns over the American job market and questionable European debt pushed Gold to a fifth consecutive loss in European trading Thursday. Disappointing jobless data for the United States and fears over France’s debt rating pushed Wall Street down, and bullion was pulled down with it. Gold also has seen a drop in trading volume. “With the perception that the major economies of the world have their affairs under control, precious metals remain under some pressure,” said Carlos Perez-Santalla at PVM Futures. “The short term speculators do not recognize reasons for an upside move at a time when investment in metals is in a lull,” he said.

The clock has officially begun ticking for the Volcker rule, as the Federal Reserve confirmed that banks must conform to its provisions by July 2014. The two year window is contingent upon “good faith” efforts to comply with bans on proprietary trading. Federal regulators have said, “During the conformance period, banking entities should engage in good faith planning efforts, appropriate for their activities and investments, to enable them to conform.” The regulators may also extend the compliance period if needed. The rule, named after former Fed Chairman Paul Volcker, is intended to reduce the risk banks take with their own capital.

At 5 p.m. (EDT), the APMEX precious metals spot prices were:

• Gold - $1,643.50 - Up $3.40.
• Silver - $31.82 - Up $0.26.
• Platinum - $1,582.30 - Up $4.10.
• Palladium - $665.80 - Up $7.50.

APMEX’S Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Thursdays, and until 6 p.m. (EDT) on Fridays! If you have any questions about investing in precious metals or would simply prefer to place you order by telephone, we are here to help.