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Gold Market Update
Closing Gold & Silver Market Report – 5/18/2012
Fri, 18 May 2012 16:20:00
by Peter.Latona@apmex.com (Peter LaTona)
Good Day for Gold – Bad Day for Stocks
It is generally a safe bet to say that gold and the USA dollar do not move in the same direction, but the trend has not held the past couple of days. Gold bounced sharply off lows, while the USA dollar continued to go up. Perhaps gold has decoupled from risk assets and is once again attracting investor’s looking for a safe haven. Certainly there has been disconcerting front page news of late. JP Morgan loses $2 Billion and now it turns out they have another $100 Billion tied up in similar risky bonds. Chesapeake Energy is under intense scrutiny for loans made to their CEO. Moody’s downgrades 16 Spanish banks and Greece has to have yet another election to decide how to deal with an impending economic collapse. U.S stocks experience the longest weekly down streak of 2012. The much ballyhooed Facebook IPO came out today and by most accounts, fell flat on its face. There are record low mortgage rates, but no housing recovery.
The 10 year US Treasury bonds are the go to safe haven play at the moment, despite paying historically low rates under 2%. If an investment is paying under 2%, it has a high probability of paying a negative real rate of return (factoring in inflation). Gold historically is a safe haven play and not a risk based asset. It would not surprise many investors, if gold continued to decouple from risk assets and return to its investment roots as a protector of wealth in difficult economic times.
At 5PM EST the APMEX precious metal prices were:
- Gold price - $1,593.30 - up $16.90
- Silver price - $28.74 - up 65 cents
- Platinum price - $1,456.00 – up 60 cents
- Palladium price - $605.00 – down $2.90
Videos
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Here is a simple question for you: which would you rather buy right now, gold or silver? In today's short educational trading video, I put together comparisons between these two markets and why the obvious choice may not be the best choice.
Gold Market Analysis
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