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Mid-Day Gold & Silver Market Report – 6/8/2011

OIL RISING ON OPEC BREAKDOWN

The OPEC meeting today to boost oil output was classified as, “…one of the worst meetings we have ever had”, according to Saudi oil minister, Ali al-Naimi. The main point of contention amongst the countries is that they are already producing above the quota amounts. Saudi Arabia is viewed as a linchpin and the main producer that the countries are wanting to see increase its output of oil. If Saudi Arabia does increase its output, then overall prices may start to drop and help a global economic recovery. This would certainly help the Saudis out from a diplomatic standpoint as well with other industrialized nations.

In other global news, NATO’s chief is saying they expect Muammar Qaddafi’s Libyan reign to come to an end. They are now appealing to the United Nations to help transition Libya to a democratic state. The NATO air strikes are to remain in place, even going so far as to plan daytime airstrikes. There have also been a number of high-ranking military defections that are leading Secretary General Anders Fogh Rasmussen to proclaim, “Qaddafi is history. It may take weeks, but it could happen tomorrow -- and when he goes, the international community has to be ready.”

Federal Reserve Chairman Ben Bernanke’s comments yesterday still are affecting gold prices as we head into the afternoon. According to VM Group analyst Carl Firman, "It is very doubtful now that the United States will be raising interest rates over the next 12 months, which means the negative interest rate environment in the U.S. is going to stay. That will leave investors looking for higher returns elsewhere, and gold is one beneficiary of that."

At 12:30 PM (CT) the APMEX precious metals’ prices were:

  • Gold price - $1537.90 (down $6.60)
  • Silver price - $36.65 (down $0.49)
  • Platinum price - $1,825.90 (down $5.80)
  • Palladium price - $805.00 (down $6.50)

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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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