Mid-Day Gold & Silver Market Report, 8/13/2012
Ryan Schwimmer
8/13/2012 12:00:00 PM
JAPAN JOINS THE ‘DISAPPOINTING REPORTS’ CLUB
American stocks dropped today following a five week rally in the Dow Jones Industrial Average. The dip comes following news of disappointing economic data from Japan. Economists projecting 2.7 percent growth in Japan’s Gross Domestic Product in the second quarter received figures that expansion fell short at only 1.4 percent growth. Fred Dickson, chief market strategist at D.A. Davidson & Co., said, “Japan was a little weaker than expected. It might raise hopes that there might be some central bank coordination, but I’m not seeing that in any of the markets today.”
The Gold price continues to trade flat at the halfway point today, even as the dollar is down against the euro for the first time in four sessions. Though the euro is up slightly, there are still expectations that the European Central Bank soon will step in with measures to stimulate a lagging European economy. The global head of currency strategy at Brown Brother Harriman, Marc Chandler, said, “The euro is well below the highs of last week, and today we are seeing some short covering. But the move today is generally uninspired in a lackluster session.” Economic analysts predict the euro will remain fairly steady until Sept. 12, when the German constitutional court declares its decision regarding fiscal discipline and a proposed rescue fund for the eurozone. U.S. investors are also anxious at the prospect of more government stimulus as the much anticipated news of a third round of quantitative easing is expected to drive Precious Metals prices up dramatically.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,619.40, Down $1.90.
- Silver, $28.00, Down $0.17.
- Platinum, $1,394.60, Down $6.30.
- Palladium, $576.50, Down $7.30.
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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
