Morning Gold and Silver Market Report, 8/14/2012
Geoffrey Varner
8/14/2012 8:07:00 AM
REPORTS BRING OPTIMISM FOR EUROZONE, AMERICA
The morning news is optimistic for the economy based on renewed growth figures from Europe. The seesaw effect of Europe’s ups and downs is reversing Monday’s price drops, as prices again were going up. Tuesday data is showing Gross Domestic Product output for the eurozone region was in line with expectations: Germany had modest growth, while France had a flat performance.
Closer to home, news was also positive. Retail sales rose 0.8 percent this past month. Economists had expected only a 0.3 percent rise. The report also states that the seasonally adjusted Producer Price Index is up 0.3 percent this past month, higher by 0.1 percent than expected. Despite the higher prices, there was an increase in consumer spending during July. The core measure of retail sales, which excludes automobiles, gasoline and building materials, rose a solid 0.9 percent.
One of the world’s top consumers of Gold, India, is showing weak demand for the Precious Metal as prices for Gold remain strong against that nation’s currency, the rupee. India’s festival season has begun and will peak in November. This is a time for weddings and giving Gold gifts.
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,597.70, Down $13.50.
- Silver, $27.75, Down $0.13.
- Platinum, $1,402.00, Up $8.20.
- Palladium, $576.70, Down $0.50.
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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
