BIGGEST GOLD DROP SINCE JULY; GERMAN AID SOUGHT FOR EUROPEAN NATIONS
Precious Metals prices began to drop this morning over distress that a global recession may be in our future. Also, it is rumored that China may be trying to sidestep additional easing measures. The overall impact of data showing a slower growing worldwide economy is affecting today’s market, especially commodities. “There are no clear signals from China whether there will be more stimulus,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago said in a telephone interview. “Also, overall slowdown concern is sending all commodities, including Precious Metals, down.”
Africa's leading Gold mining operation has been suspended as a reported 19,500 of the 26,700 workers have gone on strike. “The current impasse is extremely unfortunate, not only for the industry and its employees, but also for future growth and development in South Africa, given the critical role that Gold mining plays in our country’s economic development,” Elize Strydom, the mines chamber’s senior executive for employer relations, said in an emailed statement. South Africa was the fifth-largest Gold producing country in 2010.
Germany’s economy is in good standing, but the nation’s willingness to assist Europe’s debtor countries is in question. George Soros, Chairman of Soros Fund Management said, “There is a real danger of the euro destroying the European Union. The way to escape it is for Germany to accept ... greater commitment to helping not only its interests but the interests of the debtor countries, and playing the role of the benevolent hegemon.” Soros suggested that Germany be the leader to support the nations in need of aid.
At 5 p.m. (EDT) the APMEX Precious Metals spot prices were:
- Gold, $1,738.20, Down $21.00.
- Silver, $32.76, Down $0.91.
- Platinum, $1,638.90, Down $17.40.
- Palladium, $634.40, Down $5.70.
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