Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 6/1/2011

U.S. ECONOMY IS SLOWING DOWN, RUMORS OF QE3 – It’s hard to find good news about the economy lately.  Painfully slow jobs growth, decline in the value of the dollar, falling manufacturing statistics, a double-dip housing recession, not to mention ridiculous fuel prices.  Citigroup announced that the currency markets may be pricing in another round of dollar-crushing quantitative easing by the Federal Reserve.  Considering QE2 is not even over yet and we can already see inflating commodity prices, where will QE3 take us?  A larger question: How many jobs does the Fed’s loose monetary policy actually create?  And does it make us stronger as a country?

For all the doom and gloom out there today, a rare bit of good news does exist: it looks like Greece may actually get the bailout it needs to stay afloat.  Economic advisors may have found a way to adjust Greek debt without actually causing a default.  The result would be similar to refinancing a house, where loan payments decrease in exchange for longer repayment schedules.  Any kind of default or restructuring could be catastrophic and possibly start a domino effect throughout the market, similar to the housing crisis of 2008.

At 12:08PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,547.60 (up $10.30 on the day)
  • Silver - $37.94 (down $0.47)
  • Platinum - $1,827.30 (down $7.70)
  • Palladium - $782.40 (down $0.60)

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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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