Mid-Day Gold & Silver Market Report – 4/19/2011
GOLD HITS $1500 OZ! – before it backed off slightly. Nick Bullman, a managing partner at research- based risk assessment service firm, CheckRisk, stated that we could end up seeing $150 oil prices with gold at $2000.
One of the world’s largest banks, HSBC, is now chiming in that the US needs to get its debt under control. "The Brits are doing it. So are the Greeks, the Irish and the Spaniards. Even the Germans are doing it. But until now Uncle Sam has demonstrably failed to get with the program," said Philip Poole, Global Head of Macro and Investment Strategy at HSBC in London. These comments came in a research note referencing the S&P’s decision to to give a negative outlook on US debt.
Treasury Secretary Timothy Geithner, is confident that our political leaders will get together and come up with a long-term plan to reduce debt.“We have an opportunity now over the next two months to make some real progress,” Geithner said in an interview on Bloomberg Television today. “What we agree on is putting in place strong targets for savings, deficit reduction over a specific time frame with enforceable limits,” he said.
At 12PM CT the APMEX precious metal prices were:
- Gold price - $1,498.10 (up $4.20)
- Silver price - $43.86 (up 84 cents)
- Platinum price - $1,770.40 (down $11.40)
- Palladium price - $733.00 (down $7.10)