Closing Gold & Silver Market Report, 9/4/2012
Ryan Schwimmer
9/4/2012 4:00:00 PM
QUANTITATIVE EASING TALK PUSHES GOLD HIGHER
The Gold price rose to a five month high today on quantitative easing news out of Europe and the United States. James Steel of HSBC said that “it’s the avalanche of money argument” in regards to Precious Metals’ gains recently. Andrey Kryuchenkov of VTB Capital said, “All that promise (of quantitative easing) needs to turn into concrete action. And for Gold in the long run, it needs any sort of liquidity boost, or balance sheet expansion, and for bond yields to stay low.”
Drakon Capital’s Guy Adami said he believes the quantitative easing news will send Gold to a new record price. “I don’t think it has anything to do with fear (about fiat currencies). It has everything to do with what’s coming down the pipe,” he told CNBC. “Again, I’ll say, although it’s painful on the down days, and there have been a number of them, I think Gold is what’s going to win,” he said. “One day we’re all going to wake up, and the price of Gold is going to be a lot higher than it is now. When I say a lot higher, I mean north of $2,000.” Adami is a firm believer in Gold’s future.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,696.70, Up $10.60.
- Silver, $32.38, Up $0.94.
- Platinum, $1,570.40, Up $32.10.
- Palladium, $642.00, Up $12.60.
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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
