Closing Gold & Silver Market Report 7/2/2012
Brandi Brundidge
7/2/2012 3:57:00 PM
ECONOMISTS NOT SURE HOW TO REACT TO EU PROPOSAL
Gold’s price has remained stable today following doubtful views of the European Union’s summit. Commerzbank commented on Friday’s rally for Gold when the price shot up 3.5 percent by saying the demand was “likely to have been driven mainly by speculative financial investors. In the long term, we regard the current skepticism displayed by speculators to be constructive, for most fears should meanwhile be ‘priced in,’ and being a contrarian could pay off. Precious metals could be nearing the end of their slump.”
The outcome from the EU Summit has been found to be both positive and negative from the viewpoints of European leaders as well as economists. Mario Draghi, European Central Bank president, said, “I am actually quite pleased with the outcome of the European council. It showed the long-term commitment to the euro by all member states of the euro area.” Carl Weinberg, chief economist at High Frequency Economics, would like more details to the bold proposal. He said, “We do not see how we get an instant action plan out of last week's agreement.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,598.80, Down $6.90.
- Silver, $27.53, Down $0.15.
- Platinum, $1456.80, Up $5.90.
- Palladium, $579.00, Down $6.50.
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
