Mid-Day Gold & Silver Market Report, 8/28/2012

Brandi Brundidge

8/28/2012 12:00:00 PM

CONSUMER CONFIDENCE SLIPS  

A private sector report showed a drop in consumer confidence in August, as the measure hit a nine month low. While many economists had been expecting an increase, Americans moved to a more pessimistic outlook in the short term. “Consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations,” said Lynn Franco, director of The Conference Board Consumer Research Center.

The Jackson Hole, Wyo., economic meeting will have to proceed without the president of the European Central Bank. President Mario Draghi was scheduled to speak Saturday. But Draghi’s spokesman said that due to a “heavy workload foreseen in the next few days,” he would be unable to attend. It is unclear what effect, if any, this development will have on financial markets.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,671.10, Down $3.00.
• Silver, $30.93, Down $0.21.
• Platinum, $1,523.00, Down $31.20.
• Palladium, $644.00, Down $12.30.

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