Weekly Gold and Silver Market Recap for Aug 24, 2012 By Nicholas Wilsey

Contact Nicholas at Nicholas.Wilsey@APMEX.com

Gold prices move upwards on market news:

Gold has had quite a week of positive gains this week. Starting the week around the $1613 per ounce and at mid-day Friday the yellow metal was around the $1672 per ounce. On Tuesday the Gold price was at a two month high, tracking the euro upward. VTB Capital analyst Andrey Kryuchenkov said, “A break above $1,630 is very significant, as we breach the June-July and early August range. Buy orders were triggered, with the dollar index also slipping below support … at early July lows. This is on speculation that the ECB (European Central Bank) will act.” Kryuchenkov went on to say that as normal, Gold is trading against the dollar in this case. As the week went on, so did the upswing in the gold market. The gold price has moved more this week than in the past four months. The movement reflects growing eagerness for the Federal Reserve to provide further stimulus measures to boost the economy. Adam Klopfenstein at Archer Financial Services Inc. said, “Gold is exploding as inflation concerns are back. A combination of rising commodity prices and the chances of more easing coming in the U.S. is stoking inflation worries.” Michael Gayed of Pension Partners LLC said, “Gold is surging on renewed expectations of inflation rising after easing.” During two rounds of quantitative easing, from December 2008 to June 2011, the Gold price jumped 70 percent. All eyes continue to be on the Fed’s Jackson Hole, Wyo., economic symposium for more signs of QE3. That meeting is to be held late next week.

Europe had a rare positive week:

In Europe, there was an unusual sight in the financial reports: Positivity. The euro jumped to a seven-week high on the hope that the European Central Bank will be able to help the struggling region with a stimulus package. “The market has moved to the belief that (the ECB) is going to do whatever it takes,” said William Larkin, fixed-income portfolio manager at Cabot Money Management in Salem, Massachusetts. There are meetings scheduled in the next few days between leaders in the area to discuss possible options. Spain has begun negotiations with eurozone partners over the requirements necessary to lower its borrowing costs, but that country has stopped short of requesting an official bailout. The strategy currently in favor includes a combined attack by the European rescue fund (EFSF) and the European Central Bank (ECB) as they purchase Spanish debt in the primary and secondary markets. Spain’s borrowing costs are at record levels since the launch of the euro 13 years ago. “Negotiations have started and are well under way. Right now, the preferred option, the one that is being actively discussed, is for the EFSF to buy bonds on the primary market and for the ECB to buy bonds on the secondary,” one of the sources told Reuters on condition of anonymity. Two of the main players in the European talks met this week. German Chancellor Angela Merkel has engaged in talks with Greek Prime Minister Antonis Samaras with both asserting their allegiance to the euro.

 

The United States Federal Reserve ponders more monetary easing:

The precious metals markets saw an upswing this week and one of the main components of that was the idea of another round of monetary easing from the U.S. Federal Reserve. In prior cases of easing the effect to metals were positive. Easing is used to stimulate the economy and is based on how the good or bad the economic conditions are. One of the main issues the Fed has had to deal with is the mixed signals reports have shown as of late. There was a report that showed leading economic indicators in the country were up 0.4% in July. This report is considered a good indication of the outlook of the economy. “The expansion continues, no double-dip recession, just continued moderate, sub-par growth,” said John Silvia, chief economist at Wells Fargo. Then the release of the weekly jobless claims report was released. After an upward revision from last week’s numbers, the report showed increases across the board in new claims, existing claims, and the four week moving average. The jobless numbers gave way to more talk of easing.  Even people inside the Federal reserve were sending mixed messages. The St. Louis Federal Reserve president said that more easing may be unnecessary. Today, one of the longtime supporters of further quantitative easing by the Fed, Chicago Fed President Charles Evans, stated his view on the matter. “The outlook for growth is 2 percent, if we are lucky 2.5 percent, over the next 18 months to two years. Back in the spring, we thought it was going to be 2 1/2, 3 percent. … We stepped down our outlook; unemployment is 8.3 percent; there’s a lot of reason to do more,” he said. Next week Federal Reserve Chairman Ben Bernanke will speak at the annual meeting in Jackson Hole, WY. “Given all the mixed messages, the Jackson Hole symposium next Friday is building up to be a key event as we look forward to the latest download from the chairman himself,” said James Reid of Deutsche Bank.

 

Free Shipping And Reduced Price On Silver Bars

 

Free Shipping And Reduced Price On Silver BarsGet FREE shipping when you order $1,000 or more on your purchase by 8/23/2012 at 3 p.m. (CDT). When you order online simply enter Promo Code FREESHIPKSM at checkout or when you order by telephone, be sure to give the Account Manager this code.

Promotional code can only be used on one order per customer and applies to domestic shipping only. Multiple promotional codes on any one order will not be allowed. Promotion code expires 8/23/2012 at 3 p.m. (CDT).

APMEX offers Precious Metals through the APMEX secure website 24 hours a day, 7 days a week. Or take advantage of our extended live help hours by calling our Account Managers toll free at (800) 375-9006, Mondays through Thursdays from 7 a.m. to 7 p.m., and Fridays from 7 a.m. to  5 p.m. (CDT).

At APMEX, we stock more than 7,000 Gold, Silver, Platinum and Palladium products, including thousands of collectibles. We pride ourselves on competitive, straightforward pricing – with no commissions or hidden charges – as well as top notch customer service. We also offer the option to have your Precious Metals stored at a secure and private storage facility through Citadel Global Depository Services. At APMEX, your satisfaction is our goal.

 

Enhanced by Zemanta

Profit Taking Pulls Down Stocks, Precious Metals

 

U.S. stock futures and Precious Metals are down slightly this morning, as investors are taking profits on the recent gains.  News of a downgrade to the outlook for Greece’s sovereign debt rating also affected the markets, as the EU and International Monetary Fund seem less likely to provide more bailout funds to the troubled country.  Also, the Bank of England paved the way for another round of quantitative easing for its country, cutting growth and inflation forecasts.

At least one analyst believes that the recent market rally is actually just setting up the stock market to fall.  “I think we’re in choppy waters and that continues,” Charlie Morris of HSBC Global Asset Management said.  “You need to trip the market to have a proper collapse.  So you almost need to set it up with a rally, get everyone excited and then it can fall.  If there are risks, the risks to a very negative market come after this rally fades.”  In the long-term, traditionally, steep stock market losses are supportive of the Gold price.

The main topic supporting the price of Precious Metals right now is still the possibility of future monetary easing by the U.S. and the eurozone.  Richcomm Global Services senior analyst Pradeep Unni said, “Gold seems to be supported by hopes that Europe and the United States would launch more stimulus measures to help shore up their faltering economies.  Investors are betting that the festering debt crisis in the eurozone could push the ECB to launch a new round of bond-buying soon.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,608.40, Down $2.40.
  • Silver, $27.90, Down $0.30.
  • Platinum, $1,403.70, Down $7.70.
  • Palladium, $586.50, Down $3.20.

 

Enhanced by Zemanta

Don’t Miss Our Surefire Sellout On Low Priced Johnson Matthey Silver Bars

 

A Special Price. A Surefire Sellout. 1 oz Johnson Matthey Silver Bars. Only $1.49 Per Bar Over Spot!

1 oz Johnson Matthey Silver Bar (New - JM Logo Reverse) .999 Fine

The newest 1 oz Johnson Matthey Silver Bars are available now at APMEX. These popular .999 Fine Silver bars from one of the leading refiners of Precious Metals will sell fast. But if you order today, you can get any quantity for only $1.49 per bar over spot! Order yours today! While supplies last

DON’T MISS OUR TERRIFIC PRICING ON SILVER BARS

The latest 1 oz Johnson Matthey Silver Bars feature a unique serial number on the obverse, or front, of each bar while the reverse, or back, features the recognizable Johnson Matthey logo of crossed hammers. These bars are:

  • 1 oz of .999 Fine Silver: making them among the purest Silver bars minted and they are backed by Johnson Matthey – for purity, weight and authenticity
  • Approved for Individual Retirement Accounts and can be used to diversify a long-term investment
  • Very Popular and easy to sell when needed

APMEX offers Precious Metals through the APMEX secure website 24 hours a day, 7 days a week. Or take advantage of our extended live help hours by calling our Account Managers toll free at (800) 375.9006, Mondays through Thursdays from 7 a.m. to 7 p.m., and Fridays from 7 a.m. to 5 p.m. (CDT).

 

Enhanced by Zemanta

Gold Prices Slightly Lower in Overnight Trading

 

 

Gold and equity markets are both poised to advance in the event the European leaders announce a plan to bail out Spain and curb further contagion. Spain has requested further euro zone support in buying its sovereign debt. Germany continues to be resistant to this notion and this does set up a clash of wills as German finance officials prepare to meet with U.S. Treasury Secretary, Tim Geithner. Mr. Geithner has stated that the euro zone crisis is the biggest threat to the U.S. economy, so it is expected he will put pressure on Germany to take additional action.

 

The economic picture in Spain continues to worsen as their recession deepened in the 2nd quarter. Tough new austerity measures were enacted and this did take a toll on overall demand and consumer prices. Consumer prices rose 2.2% year over year. All in all, this paints a difficult picture for Spain to climb out of their budget deficit.

 

European stocks are currently trading higher on the hopes of the European Central Bank stepping in with additional measures, while U.S. stock futures are trading lower as they await potential action.

 

At 9 AM EST the APMEX precious metals prices were:

 

  • Gold price – $1,618.00 – down $2.20
  • Silver price – $27.78 – up 19 cents
  • Platinum price – $1,410.70 – up $2.50
  • Palladium price – $582.50 – up $9.60

 

 

Enhanced by Zemanta

24-Hours Only – Round of Silver Savings Starts Now

 

24 Hour Round of Savings! 1 oz Sunshine Minting Silver Rounds Only $1.29 per Round Over Spot – Any Quantity

1 oz Sunshine Minting Silver Round .999 Fine

Don’t let the Sunshine go down on this deal. For 24 hours only, you can buy 1 oz Sunshine Minting Silver Rounds for just $1.29 per round over spot. Buy any quantity and take advantage of this great price – while supplies last.

This is a great deal on a popular Silver round. You get:

  • More for your money: Premiums on these Silver rounds are lower than most international Silver products, so you can add more Silver to your holdings for less.
  • Purity and popularity: With 1 oz of .999 fine Silver, these are among the purest Silver rounds available. They come in a popular size that’s ideal for investing and easy to sell when needed.
  • Guaranteed quality: Sunshine Minting, one of the largest Silver manufacturers in the world, stands behind every one of these rounds.
  • Attractive design: The raised rim construction helps protect the unique Sunshine eagle design during stacking and storage.

 

Enhanced by Zemanta

Gold Rush: Special Pricing Ends Tomorrow at 3 P.M.

This Gold Rush Ends In 24 Hours 1 oz Heraeus Gold Bars Only $39.99 Per Bar Over Spot.

1 oz Heraeus Gold Bar New .9999 Fine

DON’T WAIT — 24 HOUR GOLD RUSH ENDS WEDNESDAY, JULY 11, AT 3 P.M. CDT

Here’s a Gold rush that requires no pickax and no sifting pan. For the next few hours, you can purchase 1 oz Heraeus Gold Bars – any quantity for a special low price of only $39.99 over spot. Before this special pricing, you would have had to purchase at least 50 bars to get this same low price. Act now while supplies last. Each bar features:

  • 1 oz .9999 fine Gold: This is among the purest Gold bars minted in a size that’s ideal for storage and trading
  • Assay card: The accompanying Heraeus assay card authenticates and guarantees the Gold weight and purity
  • Unique serial number: The unique serial number stamped onto each Heraeus Gold bar matches the number on its assay card

Approval for IRA accounts: This solid Gold bar is approved for inclusion in your Precious Metals Individual Retirement Account

Enhanced by Zemanta