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Morning Gold & Silver Market Report – 5/31/2011

GOLD’S CLIMB SIGNALS HYPERINFLATION?

Last week saw a jump of nearly 2% for gold (which would have been a record high just one month ago), and the jump seemed to catch the attention of many analysts and investors alike.  This brought about short-term predictions of gold hitting $1,560 or even $1,600 from numerous outfits.  Of course, no one knows exactly what’s going to happen, as evidenced by the fact that gold has lost early-morning gains (but is still relatively flat).  Australian website The Privateer mentioned that the Fed’s balance sheet is 350% larger than it was less than four years ago.  The Gartman Letter noted that in the past five months, the “adjusted monetary base” has risen 30%, and suggested that the Fed could use some “parental supervision.”  Silver, platinum, and palladium are still enjoying their early-morning gains, however, which could be due to the industrial upside of those metals.

Stock futures are higher this morning amid optimism that Greece could be getting a bailout from the European Union sooner than expected, as a second bailout package is in the works.  Germany looks to be ready to drop demands that has kept the bailout from happening.  Generally, optimism brings about an increased risk appetite, as explained by Peter Cardillo of Avalon Partners in New York: “News regarding a Greece bailout is basically fueling the optimism.  It is causing the dollar to go back down, strengthening the euro, so that is inviting risk back into the marketplace.”

At 8:00 AM (CT), the APMEX precious metals spot prices were:

  • Gold - $1,536.50 (down $1.30 on the day)
  • Silver – $38.42 (up $0.47)
  • Platinum - $1,832.90 (up $31.90)
  • Palladium - $779.50 (up $15.60)

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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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