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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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Strong euro continue to boost Gold

 

Gold is holding on to morning gains following comments by the president of the European Central Bank, which have buoyed the euro for a second day. “You’ve got a rise in the euro, which means a weaker dollar, and a ‘risk on’ environment, so everything that looks like a risky asset goes up. Gold has been trading just like a commodity (lately) and is behaving like one today,” Natixis analyst Nic Brown said.

European Central Bank President Mario Draghi has stated that as part of the ECB’s effort to protect the survival of the euro, it will be buying Spanish and Italian government bonds. This move also is believed to help lower borrowing costs. “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro,” Draghi said at an investor conference in London. “And believe me, it will be enough.”

Business investment is looking to be cooler in the second half of the year, as orders for business equipment dropped in June. Lower American consumer spending and overseas demand have many companies delaying replacing equipment. “Business investment has definitely shifted lower,” said Tom Porcelli, chief United States economist at RBC Capital Markets LLC in New York. The European debt crisis and the looming “fiscal cliff” will “put downward pressure on orders, which will translate into weaker growth in the U.S.,” Porcelli said.

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

  • Gold, $1,615.90, Up $5.80.
  • Silver, $27.58, Up $0.02.
  • Platinum, $1,404.60, Up $5.20.
  • Palladium, $570.90, Up $4.60.

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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Central Bank Considers Reclassification of Gold Bullion

The Central Bank of the US Federal Reserve released a memo on June 18, which calls for the reclassification of gold from a 50% weighting to a 100% weighting. Currently, for every $1.00 held by the banks or central bank only 50 cents can be claimed as book value. By changing gold to a 100% weighting, it would retain full value just like other financial instruments. This would enhance gold’s appeal to the banking community and possibly drive up demand.

Friday’s big jump in the stock market was a reaction to news that European leaders are going to come up with a viable bailout plan. Although this was welcome, it is still a bailout and the European economies are still desperately struggling. U.S. companies are affected as well, and this is expected to show in the upcoming earning reports. Many U.S. companies are issuing warnings and they site Europe as a key factor for their disappointing numbers. Second quarter reports will show the euro debt crisis, weak European and Chinese demand, decline of the euro and the overall global economy will affect the earnings of many U.S. firms.

At 9AM EST the APMEX precious metals prices were:

  • Gold price – $1,594.50 – down $11.20
  • Silver price – $27.53 – down 15 cents
  • Platinum price – $1,439.50 – down $11.40
  • Palladium price – $580.90 – down $4.70
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Gold rallies strongly today

Gold, much like American stocks, rallied strongly today, though it wasn’t enough to claim a victory on the quarter.  The move upwards in Gold is thanks to expectations regarding Europe’s plan to curb its debt crisis being inflationary.  Historically, any type of monetary easing or money printing has been very supportive of Gold, as is any time of economic turmoil.  The news brought the euro up against the dollar, and Gold followed.

Part of the deal in Europe revolves around the European Financial Stability Facility being able to “provide support to banks directly, without going via national governments balance sheets,” according to Jens Larson of RBC in London.  Larson added, “That suggests that Spain’s public finances may eventually be freed of some of the burden associated with recapitalizing its financial system, and the statement also makes clear that a new deal for Ireland might be in the making.”  However, there is still concern that this won’t be a lasting solution, or at least that this news can continue to carry a market rally.

What the American dollar will do after the coming election has surprisingly nothing to do with the outcome of the election itself.  Historically, global and domestic economies have more of an impact on currency trade than political issues.  Currency trade has been a big factor in Precious Metals prices lately, with Gold and Silver moving inversely to the dollar.  While Europe’s financial crisis has caused the dollar to shine just by mere comparison, that isn’t likely to continue.  Axel Merk, portfolio manager of the Merk Hard Currency Fund said, “The dollar is benefitting from the mess in the eurozone, but things are not much better here.”

At 5:07 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold – $1,600.10 – Up $48.20.
  • Silver – $27.53 – Up $1.18.
  • Platinum – $1,448.50 – Up $60.70.
  • Palladium – $583.20 – Up $18.30.
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Precious metals under pressure; Euro keeps falling

Gold is continuing its downward trend during midday trading, as the euro continues to fall and a resolution to the problems in Spain and Greece remains unseen. “Gold looks fragile at the moment,” BNP Paribas analyst Anne-Laure Tremblay said. “It could rebound if U.S. durable goods orders disappoint tomorrow, as the market would then anticipate a greater probability of the Fed easing.” American consumer confidence and outlook data have both hit lows for the year.

The European stock market closed lower on concerns over waning American consumer confidence and lackluster interest in a recent Spanish debt auction. The European Union is also coming under fire from Germany for focusing too much on plans that include debt sharing. “Stocks have ended in a soft manner today, with clients holding back from taking on risk ahead of the EU summit later this week,” wrote Ishaq Siddiqi, a market strategist at ETX Capital in London. “Worries that leaders are set to disappoint continue to grow, as Germany refrains from its stance on euro bonds.”

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

  • Gold, $1,574.10, Down $15.80.
  • Silver, $27.11, Down $0.54.
  • Platinum, $1,432.50, Down $8.70.
  • Palladium, $594.10, Down $14.20.
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