Closing Gold & Silver Market Report, 8/21/2012
Brandi Brundidge
8/21/2012 4:03:00 PM
GOLD UP OVER 2% IN AUGUST, EURO GETS A BOOST
By the close of the business today, the gold price made another significant jump in price. The yellow metal has had a very strong month of August with prices going up more than $35 per ounce. The main reason for the increase in value is the continued talk of economic aid for global leaders. Europe, China, and the United States have all been discussing the probability of monetary easing by central banks. While there has been no action taken yet, many experts believe it is a matter of when not if.
In Europe, there was an unusual sight in the financial reports: Positivity. The euro jumped to a seven-week high on the hope that the European Central Bank will be able to help the struggling region with a stimulus package. "The market has moved to the belief that (the ECB) is going to do whatever it takes," said William Larkin, fixed-income portfolio manager at Cabot Money Management in Salem, Massachusetts. There are meetings scheduled in the next few days between leaders in the area to discuss possible options.
In the United States, there seems to be a trend of mixed reports on the direction of the economy. Today there was a report that showed leading economic indicators in the country were up 0.4% in July. This report is considered a good indication of the outlook of the economy. "The expansion continues, no double-dip recession, just continued moderate, sub-par growth," said John Silvia, chief economist at Wells Fargo.
At 5:00 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1638.50, Up $17.00.
- Silver, $29.37, Up $0.67.
- Platinum, $1510.00, Up $10.80.
- Palladium, $625.30, Up $16.10.
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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
