Closing Gold & Silver Market Report, 8/29/2012
Brandi Brundidge
8/29/2012 4:01:00 PM
HOW WILL FED REACT TO AMERICAN ECONOMY’S GROWTH?
Investors are concerned about how the Federal Reserve might react to the reported 1.7 percent growth in the American economy from April through June. The Fed stated today that the economy has continued to improve gradually from July into August, based on positive data reported in housing and retail sales. James Kee at South Texas Money Management understands that the Fed has boundaries. He said, “My advice is not to think that the Fed has silver bullets; there is a limit to what you can accomplish on the monetary side.” Gold was affected today by the pessimistic views that stimulus measures will not be announced by Fed Chairman Ben Bernanke. An analyst suggested that it is not unusual for Gold to react this way by losing some of its gains before it has another successful run.
Crude oil prices declined today after Hurricane Isaac made landfall and was downgraded to a tropical storm, causing little damage to oil facilities. “It is expected that oil production in the Gulf of Mexico will quickly return to normal,” said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,657.00, Down $11.20.
- Silver, $30.78, Down $0.20.
- Platinum, $1,518.20, Down $3.20.
- Palladium, $631.20, Down $10.00.
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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
