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Gold and equities markets down again on world growth outlook

 

Trepidation continues to weigh on investors as the U.S. stock market opened to early losses this morning. A meager outlook for global growth and reduced earnings are the catalysts for market dips in recent days. “We have had a number of large companies reporting poor visibilities and that is going to continue,” said Michael O’Sullivan, head of portfolio strategy at Credit Suisse Private Banking in London. “Revenue growth is simply weak because the U.S. economy has slowed, the Asian economy has slowed and Europe is in recession.”

Gold is down this morning as negative forecasts for global economic expansion weigh on Precious Metals markets as well. Though Gold has realized three straight sessions of losses, the metal rallied to 11 month highs in the third quarter peaking at $1,795 an ounce. Long term investors are still seeking the security presented by the yellow metal as uncertainty remains pervasive in equities markets. “The long-running rally is intact, however, and we expect that Gold prices will revive after a period of consolidation,” said analysts at HSBC bank.

At 9 am (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1760.00, Down $2.50.
  • Silver, $33.92, Down $0.08.
  • Platinum, $1670.40, Down $21.90.
  • Palladium, $651.50, Up $7.70.

APMEX’s Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Thursdays! 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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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.

 

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Economic reports better than expected; Gold stagnates

 

American stock futures and Precious Metals rebounded this morning after two economic reports were released. The trade deficit narrowed to the smallest gap in nearly two years, and weekly jobless claims fell after economists expected an increase. The four week moving average of the jobless claims, however, increased slightly. Recently, good news for the American economy has worked the opposite way with Precious Metals, as good news makes the Federal Reserve less likely to institute another round of quantitative easing.

Economist David Rosenberg said the U.S. economy is not growing as quickly as it should. He said, “The overall story is that with the massive intervention by the U.S. government and the Federal Reserve, they did manage to terminate the Great Recession in the mid part of 2009, but the reality is that we never had much of a recovery, at least in the economy. And in terms of what we’re seeing going forward, I still think that there’s more downside risk than upside potential.”

The Gold price was steady this morning, though losses in the euro seemed to be trying to pull it down. Societe Generale analyst Robin Bhar said, “Gold seems to have gotten a foothold above the $1,600 level and seems to be relatively stable. It’s still showing this correlation to riskier assets. We’ve seen a bit of a rally in the oil market and equities, and Gold has kept a par with those moves.”  Bhar said he believes more stimulus from federal governments is needed to spur the Gold price higher at this point.

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

  • Gold, $1,613.40, Down $0.60.
  • Silver, $28.09, Down $0.10.
  • Platinum, $1,411.70, Up $0.50.
  • Palladium, $586.80, Down $1.20.

 

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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.

 

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HSBC predicts $1,900 Gold before 2013

 

Precious Metals gave up early gains after the better than expected nonfarm payrolls report was released this morning. The gain of 163,000 jobs in July blew past the expectations of 100,000. However, the unemployment rate moved up to 8.3 percent, the highest since February. American stock futures added to gains on the news.

The economies that make up the eurozone continue to drag. After barely avoiding a recession in the first quarter of the year, Ben May of Capital Economics said the future may not be so kind to that region. “If you look at the breakdown by country, it suggests that recession is going to be pretty broad based, and it’s not purely down to developments in the (eurozone) periphery,” May said.

Analysts at HSBC believe that the upcoming “fiscal cliff” for the United States and the rest of the economic uncertainty in the world will push the Gold price to $1,900 by the end of 2012. The analysts wrote, “Economic uncertainty, geopolitical tensions, and the uncertainty of the U.S. November elections are theoretically gold bullish. … Patience is the most important commodity.” Staleness in Gold’s price can be attributed to a give and take in the markets, according to the report. “Periods of heightened eurozone concerns have typically led to equity markets selloffs, triggering margin call related selling in Gold as investors seek to raise cash.”

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

  • Gold, $1,590.20, Up $1.90.
  • Silver, $27.23, Up $0.14.
  • Platinum, $1,392.20, Up $4.40.
  • Palladium, $575.50, Up $6.70.

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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Congress to hear Fed Chairman; Gold Price moving

Official portrait of Federal Reserve Chairman ...

Official portrait of Federal Reserve Chairman Ben Bernanke. (Photo credit: Wikipedia)

Precious Metals prices were fluctuating this morning ahead of Federal Reserve Chairman Ben Bernanke’s scheduled testimony before Congress this afternoon. Any further monetary easing would be a boon to Gold prices. Analyst Daniel Brebner said, “As it seems the U.S. data continue to deteriorate, the market is starting to anticipate some kind of action, or at least rhetoric, from the Fed to support growth. … Will Bernanke come out dovish as usual? I think so. Will he explicitly discuss his options? I’m not convinced he will. So I’m not sure he’s going to give the market what it wants.” Meanwhile, Germany and Great Britain’s automobile sales have helped boost other Precious Metals including Platinum, thanks in large part to greater diesel usage, which affects demand for catalytic converters.

The focus of the Fed seems to be switching to unemployment numbers, as American unemployment has hovered above 8 percent for almost four years. The Fed’s original projections have been adjusted to reflect the higher levels. Chief Economist John Silvia said, “The employment number just isn’t improving; it’s the thing that’s out of whack. … Yes, you’ve got a dual mandate. But like everything else in life, sometimes you’ve got to focus on one more than the other.” Meanwhile, other economists have a more optimistic outlook for Bernanke. Economist Dean Maki said, “When people look back at the Bernanke years, I doubt they’ll be critical of him if the unemployment rate is falling, but just not as fast as people would like, because there’s a recognition that this was a deep recession.”

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

  • Gold, $1,587.40, Down $5.90.
  • Silver, $27.27, Down $0.13.
  • Platinum, $1,420.70, Up $3.40.
  • Palladium, $583.70, Up $4.90.
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