Morning Gold & Silver Market Report – 9/17/2012
Peter LaTona
9/17/2012 8:00:00 AM
GOLD & SILVER PRICES HOLD NEAR SEVEN MONTH HIGH
Gold & Silver prices are holding on to recent gains in early morning trading. Last week, Gold and Silver were up for the fourth week in a row. Gold prices have risen 13.2 percent so far in 2012. According to Peter Fertig, a consultant for Quantitative Commodity Research, “if we do not see $1,800 this week, that would not be a problem as, nevertheless, the signs are that Precious Metals are moving higher".”
Stocks in the European market are falling today, as once again their leaders fail to act on Greece or Spain. Markets had received a boost on the European Central Bank’s bond buying announcement, as well as the Federal Reserve QE3 announcement last week. Investors are frustrated because it would appear that instead of taking advantage of this “breathing space”, European finance ministers are in even less of a hurry to tackle critical issues. These policy makers decided to wait on three urgent issues: a bailout for Spain, a decision on Greece’s request for a two-year extension on bailout terms and a common supervisor for European banks.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,771.70, Up $0.10.
- Silver, $34.63, Down $0.04.
- Platinum, $1,698.80, Down $15.90.
- Palladium, $692.70, Down $6.60.
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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
