Our Daily
Market Reports

Closing Gold & Silver Market Report – 6/2/2011

TOMORROW IS THE ECONOMIC RECOVERY’S GROUNDHOG DAY!

Precious metals remain lower this afternoon, however a recent warning from Moody’s Investors Service may change that.  The credit rating agency warned the United States that if there is no progress in the debt limit situation, the important Aaa debt rating could possibly be downgraded soon.  Warnings of a downgrade aren’t new, but earlier reports showed that it would be coming much later this year, if it were to happen.

Stocks were relatively flat after a volatile trading session, likely due to the upcoming jobs report.  Tomorrow is somewhat of a Groundhog Day, with the nonfarms payroll report being the groundhog, expected to show us where the economic recovery is headed.  Most analysts are fearing it will show us that the recovery is indeed slowing (or halted, for that matter).

At 4:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold – $1,535.20 (down $8.50 on the day)
  • Silver - $36.24 (down $1.54)
  • Platinum - $1,817.30 (down $7.60)
  • Palladium - $775.10 (down $6.00)

Our silver sale on select APMEX bars & rounds continues!  Many options, any quantity at just $1.49 over spot.  Click here for your options on these cheap way to start your collection (or add to it)!  Our 1 oz rounds & bars, as well as our 10 oz bars are made by the Sunshine mint in Idaho – the same mint that provides the blanks to the U.S. mint for Silver American Eagles!

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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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