Gold & Silver Daily Market Recap: September 11th, 2012 | Cache Metals

Gold & Silver Daily Market Recap: September 11th, 2012

Cache Metals Gold & Silver Daily Market Report

Precious metals traded higher ahead of the Federal Open Market Committee (FOMC) meeting slated for September 12-13 and taking currency cues with the Euro pushing to 1.2871.

It was a relatively quiet day on the metals markets as spot gold traded in a narrow range with a  slight bias to the upside. The major focus is on the FOMC meeting slated for September 12-13. The yellow metal moved higher in early trade to $1738 as the Euro strengthened vs. the green back.

Markets have rallied with stocks leading the way. The Dow Jones Industrial average was up 83 points on the weaker green back giving the yellow metal the lift to touch close to last week's highs.  Germany's Constitutional Court is expected to rule Wednesday on the legality of the European Stability Mechanism (ESM), the permanent Eurozone bailout fund. Dealing a blow to the U.S dollar was rating agency Moody’s has released a statement that threatens to lower the US’s credit rating one notch if they do not produce a stabilization and get a downward trend in the ratio of federal debt to GDP over the medium term.

The Fed decision to some has been that it is 99% sure that they will introduce some sort of QE3, with the poor non-farm payrolls leading that call for QE3. At Jackson Hole, Fed Chairman Ben Bernanke was quoted as saying that the employment situation was a "grave concern", but it remains to be seen if the NFP missing its mark is that big of a concern.

"Gold is a fixed commodity that has a considerable store of value that paper money has not" says Pimco Boss Bill Gross

Spot gold had a good rally last week and we can see the end of last week to yesterday traders have booked some profits ahead of the Fed Decision.  This week should remain choppy with the uncertainty; expect gold to trade slightly lower as we lead up to Thursday.

Spot silver has lead the charge higher tracking gold to its best level of $33.83 in the European session. The gold silver ratio finally broke 51.50, but couldn't sustain the lower level on a close basis. The ratio remains bearish with a current target of 50.85.

 

  Gold Silver
Support $1690/$1675 $32.00/$31.50
Resistance $1750/$1790 $33.90/$34.31

 

September 11th Closing Prices

Gold $1731.80
Silver $33.51
Platinum $1606
Palladium $674

Gold Spot Chart

Silver Spot Chart

To view live prices of Cache Metals Bullion Products:
Gold Bars

Gold Coins

Silver Bars

Silver Coins

Complete the form below to send your questions & comments to Cache Metals.

USA

  • Alabama
  • Colorado
  • Georgia
  • Iowa
  • Maryland
  • Missouri
  • New Jersey
  • Ohio
  • Puerto Rico
  • Texas
  • West Virginia
  • Alaska
  • Connecticut
  • Hawaii
  • Kansas
  • Massachusetts
  • Montana
  • New Mexico
  • Oklahoma
  • Rhode Island
  • Utah
  • Wisconsin
  • Arizona
  • Delaware
  • Idaho
  • Kentucky
  • Michigan
  • Nebraska
  • New York
  • Oregon
  • South Carolina
  • Vermont
  • Wyoming
  • Arkansas
  • District Of Columbia
  • Illinois
  • Louisiana
  • Minnesota
  • Nevada
  • North Carolina
  • Palau
  • South Dakota
  • Virginia
  • California
  • Florida
  • Indiana
  • Maine
  • Mississippi
  • New Hampshire
  • North Dakota
  • Pennsylvania
  • Tennessee
  • Washington

Partners

  • United States Mint
  • Royal Canadian Mint
  • The Perth Mint Australia
  • Johnson Matthey
  • A-Mark Precious Metals, Inc.
  • Laurentian Bank
  • Engelhard
  • Brinks

© 2012 Cache Metals Inc.   |   Canada's Gold & Silver Specialists.   |   SEO by Qode Media

Buy Gold Online Buy Silver Online Buy Platinum & Buy Palladium Buy Bullion Bars & Coins Online

 

Toronto Retail Location l Buy Gold & Silver in Toronto
215B Davenport Road l Toronto l Ontario l Canada
Tel: 416.916.6660 l Toll Free:1.877.916.6670  |  Fax: 416.916.6702
Hours Map Toronto Gold & Silver Store

 

 

 

Cache Metals, an online gold and silver bullion dealer, services clients across Canada & the USA, including; Toronto, Vancouver, Montreal, New York, California, Georgia, New Jersey, Ohio, Tennessee, Montana, Florida, Boston, Detroit. Buy gold and silver online at wholesale prices.