Mid-Day Gold & Silver Market Report - 4/26/2012
Brandi Brundidge
4/26/2012 12:03:00 PM
U.S.A. JOB MARKET INCONSISTENT; ECONOMIC CONFIDENCE IN EUROZONE DROPS
The thought of further economic stimulus in the United States is frightening to some, but may be needed to ensure a boost to the financial system. Unsatisfactory jobless claims reported this morning has pushed the Gold price up and the U.S.A. dollar down, as they usually have a negative correlation with one another. James Cordier at OptionSellers.com said, “The job market is softening, and the Federal Reserve may be forced to look at some form of easing. Investors have started pricing that in.” Previous rounds of quantitative easing have been bullish for Gold.
An index of executive and consumer sentiment shows the economic confidence in the eurozone has fallen for the 17 nation euro area to 92.8 for the month of April from 94.5 in March. The spending cuts across the eurozone have affected both hiring and consumer confidence. Businesses in Europe are being affected by the debt crisis, with Germany’s largest bank reporting a decrease of 33 percent profit in the first quarter of 2012.
Andrey Kryuchenkov at VTB Capital reflected on why one should hold onto Gold at this time. “There is little reason to sell Gold at the moment. Risk aversion is not where it should be for Gold to rally much, but at the same time sentiment is cautious at best.”
At 1:02 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1,659.40 - Up $16.10.
- Silver - $31.23 - Up $0.79.
- Platinum - $1,566.90 - Up $19.60.
- Palladium - $674.00 - Up $17.90.
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.
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
