America waits for further stimulus; how are investors measuring the euro

 

Gold fell slightly today with investors taking their earnings after last week’s gains, which was encouraged on the assumption that central banks will provide additional stimulus actions.  “Everybody seems to be waiting for this huge money printing that they think is going to happen which hasn’t happened yet. So, nobody really wants to bet against it, but at the same time they don’t want to go long,” said Doug Roberts, chief investment strategist at Channel Capital Research.

As the European debt crisis continues, it is evident that Europe’s foundation is ultimately taking care of the peripheral countries that have more or less had to be bailed out by the troika of the European Central Bank, International Monetary Fund and European Commission.  The concerns are beginning to rise as the growth numbers for France and Germany are slipping.  Also, for the months of May and June, Germany’s factory orders fell by a disturbing 1.7 percent compared to the forecasted 0.8 percent.  Gerard Lyons, chief economist at Standard Chartered, told CNBC.com. “In the good times, the euro encourages money to go from the core to the periphery, creating booms and busts. In the bad times, it encourages money to go the other way and increases the liabilities of the core.  The euro is a fundamentally flawed concept, and that’s why the core is facing greater challenges. The core can’t cut themselves off completely from the periphery and that’s what markets are responding to.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,610.60, Down $10.70.
  • Silver, $27.87, Down $0.31.
  • Platinum, $1,388.50, Down $12.40.
  • Palladium, $574.50, Down $9.20.

 

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The Week So Far in Pictures

Sunday

Elections in Greece and France show a lack of acceptance of needed austerity measures designed to keep the countries solvent.

Monday

India removes Excise tax on Gold Jewelry

Tuesday

Precious Metals starts trading lower as concerns over the eurozone debt crisis, change in French leadership and uncertainty in Greece put strong pressure on the euro.  The drop in euro saw a rally in Treasuries and the dollar. At 5 PM ET on Tuesday, APMEX Gold Spot price closed at $1,606.90 down $33.20

Wednesday

As the value of the American dollar continued to climb today on Europe’s fiscal worries, it pushed the Gold price down for the day. Silver fell to its lowest price since January.

30 day Silver Chart from www.APMEX.com

Thursday

We see the end of a three-day losing streak on Gold. Easing concerns over the Spanish debt market and Greece securing funds needed for bond payments strengthened the euro. The past week, we have seen Gold prices fall to 4-month low.

30 day Gold Chart from www.APMEX.com

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Weekly Gold & Silver Market Recap for April 27, 2012

 

Questionable Economy?:

Gold prices finished Friday by hitting a two-week high.  Over the past month, the yellow metal has been steady between $1,610 and 1,680 per oz. The climb in price is a direct result of the worse-than-expected American economic forecast. However, Gold remains in the same range as it has been for the month. Commerzbank analyst Carsten Fritsch said, “At the end of the year, we expect Gold to resume its uptrend, but not before that. We expect this range in trading to continue.”  The thought of further economic stimulus in the United States is frightening to some, but may be needed to ensure a boost to the financial system. Unsatisfactory jobless claims reported Friday morning pushed the Gold price up and the U.S.A. dollar down, as they usually have a negative correlation with one another. James Cordier at OptionSellers.com said, “The job market is softening, and the Federal Reserve may be forced to look at some form of easing. Investors have started pricing that in.” Previous rounds of quantitative easing have been bullish for Gold Continue reading

Limited Quantity – European Gold Only $9.99 Per Coin Over Spot

20 Francs Gold Napoleon III coins

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