Morning Gold & Silver Market Report, 8/29/2012

Ryan Schwimmer

8/29/2012 8:02:00 AM

GOLD, SILVER FLAT AS JACKSON HOLE SPEECH LOOMS  

Gold and Silver prices are mostly flat this morning ahead of the Jackson Hole Economic Symposium to be held later this week. Though European Central Bank President Mario Draghi has bowed out of the event, all eyes are still on the Federal Reserve and whether Chairman Ben Bernanke will announce another round of quantitative easing. Scott Anderson of Bank of the West said that the Fed has been “like a diver eyeing the pool from the edge of the diving board, but can’t seem to get themselves to move.”

The “will they or won’t they” game that the Fed has been playing in regard to quantitative easing has pushed and pulled the Gold price to highs not seen since spring. Many investors are expecting Bernanke to announce such a plan during his speech at Jackson Hole, Wyo., on Friday. However, there is another Federal Open Market Committee meeting set for Sept 12 and 13 that may serve as the podium for the official announcement. Danske Bank analyst Christen Tuxen said, “We think that we will see a fairly dovish Bernanke on Friday and that he will commit, if not at Jackson Hole then at the September FOMC meeting, to deliver more easing to the market.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,667.10, Down $1.10.
• Silver, $30.93, Down $0.04.
• Platinum, $1,520.00, Down $1.40.
• Palladium, $635.20, Down $6.00.

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