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Mid-Day Gold & Silver Market Report – 6/7/2011

BERNANKE SPEAKS AT 2:45, OBAMA MEETS WITH GERMAN CHANCELLOR

Precious metals are fairly flat today as Federal Reserve Chairman Ben Bernanke is scheduled to speak at 2:45 pm (CT).  Bernanke is expected to speak about the economic outlook for the U.S., likely addressing weak reports that show that the recovery is slipping, if not stalled altogether.  In the past, we’ve seen markets move in interesting ways when Bernanke speaks. The CEO of General Motors Co shared recently that one of the main worries facing GM (the largest domestic automaker) is the shaky economyPresident Obama spoke with German Chancellor Angela Merkel and they agreed with the European debt crisis must be contained, and “cannot be allowed to put the global economic recovery at risk.”  Obama previously stated that the situation in Europe is one of the foreign factors influencing the U.S. economy.

Geopolitical tensions continue in the Middle East as fresh news out of Libya, Yemen, and Syria appear.  In Libya, NATO increased airstrikes on Tripoli to a high since the strikes began in March.  In Yemen, 4,000 civilians protested the rule of President Saleh outside of the Vice President’s residence, urging him to form a council and create a new government.  In Syria, troops with tanks pressed toward a town after the government promised action against a revolt.

At 12:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,544.10 (down $3.60 on the day)
  • Silver - $37.11 (up $0.24)
  • Platinum - $1,832.10 (up $9.90)
  • Palladium - $811.10 (up $10.40)

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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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