Spanish debt auction a success; Platinum tops

If you are looking for excitement in the U.S. stock market, you may be left wanting. Futures on the Dow and the S&P are not showing us much this morning; however, the euro took a stronger position against the dollar and yen in overnight trading when a Spanish debt auction lifted sentiment toward riskier assets. They sold 4.5 billion euros in new bonds at a lower cost than in previous auctions. This was a sign of growing confidence among investors in the recession prone area.

The Gold price traded in a tight range overnight despite the positive news for the euro. Andrey Kryuchenkov, capital analyst with VTB Capital, said, “We maintain our preference for wider ranges to hold on spot Gold prices as choppy macro trading prevails, with attention to U.S. December housing starts and weekly jobless claims later today.” The Gold price may begin to increase again when debt ceiling talks come back into focus. In positive news for Platinum, the metal surpassed Gold in overnight trading for the first time in 10 months.

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

  • Gold, $1,671.70, Down $13.40.
  • Silver, $31.19, Down $0.39.
  • Platinum, $1,685.90, Down $7.80.
  • Palladium, $723.00, Down $4.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

 

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Eurozone index indicates upcoming recession

American stock futures and Precious Metals are down this morning, as news out of Europe disappointed investors. The eurozone purchasing managers’ index declined in July, further indicating a recession is likely soon in the region. Rob Dobson, senior economist at Markit, said, “The final August PMI came in only slightly below its earlier flash estimate, leaving the eurozone economy on course to fall back into technical recession in the third quarter.” Dobson said “there is little prospect of a sustained improvement in economic conditions over the near term.”

Eurozone policymakers are set to meet tomorrow, and many investors are expecting a new round of monetary easing in the form of bond purchases. One interesting possible outcome of the eurozone meetings is that if any disappointing news comes out and the markets take a hit, the United States Federal Reserve may be more willing to enact its own quantitative easing measures. Stephen Davies, chief executive at Javelin Wealth Management, added another wrinkle to the story. He said, “We are entering into a strange couple of months because the ability of the Fed to take up much of the slack seems to be quite limited on the basis that they will be quite reluctant to make any major moves ahead of the election, on fear of appearing too partisan.”

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

  • Gold, $1,694.40, Down $0.30.
  • Silver, $32.33, Down $0.08.
  • Platinum, $1,567.00, Down $1.50.
  • Palladium, $643.00, Up $1.50.

APMEX’s Account Managers now have extended hours Mondays through Fridays and are here to serve you until 8 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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).

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ECB announcement, Fed meeting disappoints markets

 

ECB ANNOUNCEMENT, FED MEETING DISAPPOINT MARKETS

American stock futures gave up some early gains after the European Central Bank (ECB) announcement that eurozone interest rates will remain the same.  While many economists believed that would be the case, it seems investors were hoping for more than that.  ECB President Mario Draghi, during a press conference, reinforced his commitment to the euro, stating that it is an “irreversible” union.  He also called to governments, saying they need to “stand ready to activate bail-out funds.”  Stock futures and Precious Metals moved into the red as Draghi spoke.

The Federal Reserve said yesterday that actions would be taken to stimulate the economy.  Yesterday’s drop in Gold’s price was the biggest in more than three weeks, and was largely due to the lack of announcement by the Fed.  However, buying of Gold by central banks is still supporting the Gold price.  UBS said in a note, “[Central bank buying] has been providing investors with some comfort, that stronger hands are active.”

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

  • Gold, $1,598.40, Down $6.50.
  • Silver, $27.32, Down $0.32.
  • Platinum, $1,394.00, Down $7.30.
  • Palladium, $576.40, Down $7.20.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

 

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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).

 

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Fed Chairman Leaves Markets Guessing

Precious Metals have rebounded from early session declines, as Federal Reserve Chairman Ben Bernanke’s testimony again did little to indicate when or what actions the Fed might take to simulate the economy. In short, he simply restated the Fed’s pledge to to act if needed. “The Gold market’s reaction is suggesting that we are not going to get any stimulus anytime soon until the economy deteriorates much further,” said Phillip Streible at futures brokerage R.J. O’Brien. “I think these markets are going to be in a trading range for a while,” he said.

Feedback from some in Congress to Bernanke’s testimony was that the Federal Reserve is the best hope for economic stimulus. “Given the political realities, particularly in this election year, I’m afraid the Fed’s the only game in town,” said Sen. Charles Schumer (D-NY). “I would urge you to take whatever actions you think would be most helpful in supporting a stronger economic recovery.”

The man who runs the world’s largest mutual fund feels the United States is indeed nearing a recession and expects the Federal Reserve to take more steps to help economic growth. The United States is “approaching recession when measured by employment, retail sales, investment, and corporate profits,” said Bill Gross, who manages the $263 billion Pimco Total Return Fund.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,589.90, Down $3.20.
  • Silver, $27.38, Down $0.03.
  • Platinum, $1,420.00, Up $2.70.
  • Palladium, $585.10, Up $6.30.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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