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Closing Gold & Silver Market Report – 6/7/2011

BERNANKE, OBAMA SPEAK OUT AGAINST RECESSION RUMORS – Both President Obama and Federal Reserve chairman Ben Bernanke addressed fears of a double dip recession today, in speeches that were not related.  Mr. Obama held a press conference after meeting with German Chancellor Angela Merkel.  “I’m not worried about a double-dip recession,” he said.  He said he is worried about the slow pace of job creation in the country.  Speaking at a different conference, Mr. Bernanke echoed the sentiments of the president.  “Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,” he said.  After the Fed chairman made his remarks, both metals and stocks lost ground that was gained early in the day.  This situation brings back to mind a buzzword from 2009: Stagflation, which The American Heritage Dictionary defines as “characterized by sluggish economic growth and high inflation.”

In a sign that the world may be starting to recognize the inevitable fall of the Ghaddafi regime, China and Russia have held talks with rebel leaders.  Both countries formerly abstained from voting on the U.N. resolution authorizing use of force against Libya’s military.  It’s hard to fathom that the former ruler could come back to full power after NATO forces have made clear that their end-in-mind goal is to see the entire ruling family ousted.

At 4:06 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,546.00 (down $1.70 on the day)
  • Silver - $37.25 (up $0.38)
  • Platinum - $1,836.90 (up $14.70)
  • Palladium - $811.20 (up $10.50)

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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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