Closing Gold & Silver Market Report, 9/10/2012

Brandi Brundidge

9/10/2012 4:10:00 PM

GOLD PULLS BACK WITH PROFIT TAKING; WHEN WILL EUROPE RESOLVE DEBT ISSUES?

Gold’s price is pulling back today as investors began to take profits after the metal continued to sit at a six-month high. Many are predicting this Thursday to be the day in which the United States Federal Reserve will announce new stimulus measures to boost the economy. A Shanghai-based trader commented on the likelihood of another round of quantitative easing and how it could affect the yellow metal, he said, "The possibility of QE3 has definitely grown, but the risk is also climbing as if we were about to draw the last card at a poker game. If QE3 is announced, gold is very likely to break above $1,800. But before that we may see some fluctuation in prices."

The European debt crisis that began three years ago and seems to be growing more than it has been contained will bring bad fortune to the eurozone eventually at least investor and co-founder of the Quantum Fund Jim Roger believes so. Rogers said, “These guys have been saying the same old garbage for a long time. It’s not a game-changer – it’s good for the market for maybe a month. The debt keeps going higher and higher and eventually we'll all going to pay a terrible price.”

At 5:05 p.m. (EDT), the APMEX Precious Metals spot prices were:

· Gold, $1,727.10, Down $12.40.

· Silver, $33.39, Down $0.31.

· Platinum, $1,594.90, Down $2.40.

· Palladium, $666.70, Up $11.90.