Our Daily
Market Reports

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

FINANCIAL UNCERTAINTY LOOMS – Although good news broke on the Greek debt crisis today, other news stories point toward an uncertain financial future for the US and the world. Domestically, the Case-Schiller Index, which measures housing prices, hit an 8-year low. This indicates that we are headed toward, if not already in, a double-dip recession in the housing sector. With more and more homeowners underwater on their mortgages, one has to wonder what this means for consumer confidence and as a result, consumer spending (which drives a large part of the US economy).

The market for “derivatives” – highly complex financial instruments whose value is based on other, more basic variables (essentially side bets) – continues to spread and increase risk of another global crisis, according to Mark Mobius of Templeton Asset Management’s emerging markets group. “There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” he said. To put the derivatives market in perspective, the total value of all of the world’s derivatives is about 10 times more than the entire output of the entire world’s economy – approximately $600 trillion. That’s a six with fourteen zeroes behind it. The system is almost completely unregulated and is described as “chaotic.” Regulators recently announced that their efforts to implement rules for the derivatives market have failed. What is your insurance policy against the next black swan event? Gold has traditionally been an excellent way to preserve capital in times of great upheaval.

 

At 4:15 PM (CT), the APMEX precious metals spot prices were:

  • Gold - $1,536.50 (down $1.30)
  • Silver – $38.57 (up $0.62)
  • Platinum - $1,836.20 (up $35.20)
  • Palladium - $781.00 (up $17.10)

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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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