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Morning Gold & Silver Market Report – 5/17/2011

FINANCIAL REPRESSION IS COMING TO AMERICA – Mohamed El-Erian, co-CEO of the world’s largest bond fund warns that America could soon face higher inflation, austerity measures and financial repression as our political leaders and policy makers struggle to deal with the impact of our financial crisis. Mr. El-Erian described financial repression as the seeking to impose negative real rates of returns on investors. “Think of the debt overhangs in advanced economies where projected rates of economic growth are not sufficient to avoid mounting debt and deficit problems,” said Mohamed A. El-Erian in speech at a PIMCO forum on growth.Some are already flashing red, and they will force even more difficult decisions between restructuring and the massive socialization of losses, like Greece,” he added.

Neil Dwayne, CIO of the investment management group RCM, has put this another way. He says that the US in living in a Disney-like debt bubble. “The USA continues to proceed in its Disney-like bubble but debt ceilings, political ineffectiveness and a weak dollar allow complacency to build further as the US housing market collapses further,” said Dwayne in an interview with CNBC on Tuesday.

Breaking news! US Housing starts fall by 10.6%. It was expected the housing starts would actual rise by 2.7% in April, so this number missed expectations by 13.3%. This data points out that there is still a glut of available housing on the market, so there is little incentive for builders to construct new homes. Analysts say this would point to a prolonged weakness in the housing market. Equity and precious metals prices have both dipped as they digest this news.

At 8AM the APMEX precious metal prices were:

  • Gold price - $1,479.70 (down $12.40)
  • Silver price - $33.58 ( down 63 cents)
  • Platinum price - $1,763.00 (up $2.00)
  • Palladium price - $717.00 (down 50 cents)

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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