Closing Gold & Silver Market Report – 6/27/2012

Ryan Schwimmer

6/27/2012 4:16:00 PM

ANALYSTS SAY FURTHER EASING IN EUROZONE NECESSARY

Better than expected economic data boosted American stocks while Gold remained flat during trading today. As Matthew Kaufler of Federated Clover Advisors explains, “The housing data came in better than expected and we got good news on durable goods orders, so we’re having a relief rally that the economy is showing signs of relative strength and not weakening as some had feared.”

Investors are still waiting for tomorrow’s European summit to start before they make any decisions, it seems. Carlos Perez-Santalla of PVM Futures said, “The primary focus now seems to be the dreaded potential deflationary pressures (but) deflation would be more believable if the European economy were more stable.” Perez-Santalla also said that further easing in the eurozone will be necessary. Money printing methods have historically been very supportive of the Gold price.

At 5:15 p.m. (EDT), the APMEX precious metals spot prices were:

• Gold, $1,576.10, Down $0.30.
• Silver, $26.98, Down $0.18.
• Platinum, $1,410.50, Down $18.30.
• Palladium, $577.50, Down $17.30.

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