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

MIDDLE EASTERN TENSIONS WILL TEST THE OPEC NATIONS – The Organization of Oil Exporting Countries (OPEC) produce 40% of the world’s oil. OPEC is now 50 years old, and never before have they been at such a critical crossroad, as they approach their meeting Wednesday in Vienna. Many of these countries are experiencing unprecedented inner conflicts while oil is once again pressing the $100 per barrel mark. Libya is a special concern as rebel forces continue to challenge the 30-year dictatorship of Muammar Gaddafi. Iran posed another problem, when President Ahmadinejad fired its oil minister, who also happened to be the current president of OPEC. “To a degree the change in Iran’s oil ministry is internal politics,” Kilduff told CNBC. “But I do think it’s a move by the president and the Iranians and the hawkish members of OPEC to get behind a regime that gets oil prices higher, not lower" by restraining production.

The stock market and oil prices are down today on continuing concerns about the US economy. Treasuries also dropped in anticipation of $66 billion dollar US bond sale this week. “We had very negative economic data points last week,” said Tom Wirth, senior investment officer for Chemung Canal Trust Co., which manages $1.6 billion in Elmira, New York. “I’m expecting the recovery will come back in the second half. For the time being, I’m not expecting much from the market.”

Precious metal prices have remained relatively stable during morning hours. The exception is silver which has been up all day long.

At 12 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,547.50 (up $4.60)
  • Silver price - $36.91 (up 63 cents)
  • Platinum price - $1,816.00 (down $8.70)
  • Palladium price - $795.30 ( up $7.90)

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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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