Closing Gold & Silver Market Report – 9/20/2011
Stephanie Chandler
9/20/2011 3:50:00 PM
IMF GIVES NOT SO NICE GLOBAL OUTLOOK; CENTRAL BANKS BUY UP GOLD
The IMF report stated that the global outlook for economic growth was for a “weak and bumpy expansion,” with which equates to a cutback to 1.5% from 1.8% and Europe being cut to 4% from 4.5%. The IMF’s Chief Economist, Olivier Blanchard, commented on the negative global outlook, “There is a wide perception that policymakers are one step behind markets…Europe must get its act together.” The IMF also forewarned the U.S. that hasty budget cuts could further weaken growth and added that the U.S. Federal Reserve should be ready to offer to further ease monetary policy.
This year alone, central banks are predicted to buy more gold than any other time since the collapse of the Bretton Woods system over 40 years ago. Director of Precious Metals Sales at Barclays Capital, Jonathan Spall, told FT.com in an interview, “We’re going back to a time when gold is seen very much as money.”
Check out the world’s biggest debtor nations. It might surprise you.
At 3:50 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,804.70 – Up $26.30.
- Silver - $39.83 – Up $0.65.
- Platinum - $1,784.30 – Up $9.30.
- Palladium - $716.80– Up $3.70.
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
