Mid-Day Gold & Silver Market Report – 09/27/2012
John Foster
9/27/2012 12:13:00 PM
GOLD CONTINUES BOUNCE BACK
Gold is continuing its bounce off yesterday’s two week low, which saw some investors taking profits in light of growing worries over the eurozone debt crisis. The European markets have recovered some ground after protests in Spain and Greece over proposed austerity measures and uncertainty over if and when Spain will officially request aid. "Short term, I think we'll see more consolidation. We'll have to see how the dollar performs," Credit Agricole analyst Robin Bhar said. "As we've seen in the last 48 hours, the crisis in Europe has resurfaced. If it comes back with a vengeance, the euro will stay weak, the dollar will stay strong, and that's going to cap the Gold price."
When priced in euros and francs, Gold has climbed to record highs as concern that monetary stimulus plans by central banks around the world will devalue other currencies other than just the U.S. dollar. “Central banks are weakening their currencies to boost their economies and Gold is a beneficiary,” Matthew Turner, a Precious Metals strategist at Mitsubishi Corp. International in London, said today by phone. “The story of weak currencies and strong Gold is back in play and it’s not just the dollar, it’s all currencies.”
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1778.60, Up $26.00.
- Silver, $34.75, Up $0.80.
- Platinum, $1,649.00, Up $13.60.
- Palladium, $635.50, Up $9.70.
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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
