Closing Gold & Silver Market Report, 7/20/2012
Brandi Brundidge
7/20/2012 4:19:00 PM
GOLD ENDS WEEK WITH LACK OF DIRECTION
As the week closed, the Precious Metals market had mixed results. The United States Federal Reserve chairman testified before Congress. The lack of direction did nothing to boost the market. In Europe, the economic follies keep rolling in, which kept the market grounded. On a positive note, Russia is adding more than 6 tons of Gold to their surplus. That gave Gold a nice boost today. The news has kept Gold steady this week and is attractive to many buyers. “We continue to find some relatively significant support at levels below $1,570 as markets are viewing them as a buying opportunity. They will remain the near term levels of support,” said David Meger, director of metals trading at brokerage Vision Financial Markets.
The European Central Bank (ECB) has put more pressure on Greece and the possible bailout it is to receive. As of late, Greece has used collateral to get funds from the ECB. The ECB has said no more lending on collateral. The central bank wants to see some progress before moving further in the financial backing of Greece. “The ECB will assess their potential eligibility following the conclusion of the currently ongoing review by the European Commission, in liaison with the ECB and the IMF, of the progress made by Greece under the second adjustment program,” the central bank said in a statement.
Of the 50 United States, 27 had an increase in unemployment numbers from May to June. As the year goes on, the employment numbers continue to slide. Even with many states showing positive increases in their employment numbers, it is not enough to lower the national unemployment rate of 8.2 percent. On a related note, retail sales dropped for the third month in a row. It has been speculated by many economists that the reports will continue to move in the wrong direction as the year continues.
At 4 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,585.40, Up $3.50.
- Silver, $27.36, Up $0.06.
- Platinum, $1,415.70, Down $7.40.
- Palladium, $577.10, Down $8.70.
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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
