Closing Gold & Silver Market Report - 05/10/2012

Brandi Brundidge

5/10/2012 4:33:00 PM

GOLD SNAPS SLIDE  

Precious Metals were looking to close the day mixed, with Gold snapping a three-day losing streak. Easing concerns over the Spanish debt market and Greece securing funds needed for bond payments strengthened the euro. Hopes of more American monetary easing are fading after a run of positive economic data. “Gold has behaved closer to risky assets rather than differentiating itself as a safe-haven asset and has been winded by the possibility of further quantitative easing being scaled back,” said Suki Cooper at Barclays Capital.

At a fund-raiser in Seattle, President Barack Obama said that Europe’s economic difficulties are partly because Europe did not take many of the steps the United States did. “We’ve still got headwinds. Europe is still … in a difficult state, partly because they didn’t take some of the decisive steps that we took early on in this recession,” Obama said at the event. “Gas prices are still pinching a lot of folks. The housing market is still very weak across the country. But the good news is that we have weathered the storm,” he said.

At 5 p.m. (EDT), the APMEX Precious Metal spot prices were:

• Gold - $1,594.70 – Down $0.50.
• Silver - $29.10 – Down $0.19.
• Platinum - $1,488.10 – Down $12.10.
• Palladium - $615.00 – Up $0.40.

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