Closing Gold & Silver Market Report – 9/11/2012
Brandi Brundidge
9/11/2012 4:02:00 PM
INVESTORS AWAIT FED ANNOUNCEMENT; CHINA’S ECONOMY REQUIRES EASING
Gold is stable for the day as the market is eager to know whether the Federal Reserve will push out further easing for the American economy or continue to sit on the sideline. Not only are investors patiently awaiting the news, but so are expert market watchers, including some at Goldman Sachs who predict the chances of QE3 being announced are greater than 50 percent. Other professionals include Barclays, UBS and JPMorgan, which all have forecasted further stimulus for the country.
Chinese Premier Wen Jiabao indicated yesterday at the World Economic Forum that China needs additional fiscal and monetary policy in order to sustain growth. “Be it monetary or fiscal, we still have ample strength,” Jiabao said. The government has 100 billion yuan ($16 billion) in a fiscal stabilization fund and “we will appropriately use that for preemptive policy and fine-tuning to propel stable economic growth.” The goal is to prevent economic growth in China from dropping below the 7.5 percent target set in March, which would be the lowest percentage since 1990.
At 5:03 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1733.10, Up $2.30.
- Silver, $33.51, Down $0.12.
- Platinum, $1,607.20, Up $2.40.
- Palladium, $670.00, Down $2.80.
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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
