Mid-Day Gold & Silver Market Report – 5/15/2012

Brandi Brundidge

5/15/2012 12:02:00 PM

GOLD’S PRICE FAVORS CONSUMERS; AMERICAN DOLLAR STRONGER  

As we have seen over the past two weeks, the Precious Metals market has seen a price decrease. There have been many global factors affecting the market. The lower market has not gone unnoticed by investors. Demand from major Asian consumers is strong. “Refiners can’t deliver immediate Gold because there’s a sudden surge in demand. We’re seeing demand from India, Thailand and Indonesia,” a physical dealer in Singapore said.  

China’s inflow of investment has dropped in the first four months of the year. These numbers could show a negative outlook for one of the world’s largest economies. “We believe the negative trend reflects concerns over China’s lower growth potential, lack of confidence in the global growth outlook, and poorer access to funding from deleveraging banks,” said Dariusz Kowalczyk, senior economist at Credit Agricole-CIB. The trade market has been affected by global economic woes, especially in Europe.

Another month has come and gone, and the American economy is keeping up a steady climb. With retail sales up, lower gasoline prices and the fall of the euro, the U.S.A. dollar is strong. The economy keeps rolling along,” said Chris Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ in New York.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold - $1560.00 - Down $2.40.
• Silver - $28.14 - Down $0.28.
• Platinum - $1448.10 - Up $4.50.
• Palladium - $602.30 - Up $6.40.

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