Will the European Stability Mechanism Seek a Banking License?

via: GoldCore
July 25, 2012

Today’s AM fix was USD 1,587.50, EUR 1,309.39, and GBP 1,024.86 per ounce.

Yesterday’s AM fix was USD 1,573.00, EUR 1,300.54 and GBP 1,015.23 per ounce.

Silver is trading at $27.13/oz, €22.42/oz and £17.56/oz. Platinum is trading at $1,397.50/oz, palladium at $564.63/oz and rhodium at $1,150/oz.

Gold rose $5.10 or 0.32% in New York yesterday and closed at $1,582.30/oz. The silver price dropped to a low of $26.60 before it recovered and edged higher then finished unchanged on the day.  Gold rose and fell in Asian trading then began European market trading with a surge sending the price to nearly $1,589/oz and then it pulled back and settled near $1,585/oz.

Gold climbed again on Wednesday after poor economic data from Europe and America led the Wall Street Journal to report that the US Fed was close to taking new initiatives (QE3) to boost the US economy.  The Fed’s next policy meeting is to take place on July 31 and August 1st.

Spain now looks like it will need a sovereign bailout in addition to their 100 billion bank bailout. Yesterday’s record climb to 7.6% yields on the 10-year Spanish bonds show the risk the market senses. Due to the financial risk on the Eurozone, Moody’s Investor Service lowered the outlook on the EU’s temporary bailout fund, the European Financial Stability Facility (EFSF), just after downgrading the outlook on its 3 main economies earlier this week.

Continue Reading At: GoldCore.com

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