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Morning Gold & Silver Market Report – 6/9/2011

MORE DISAPPOINTING NEWS ON THE JOB FRONT - More bad news today on the jobs front, as the number of Americans filing for unemployment unexpectedly rose by 1000, last week to 427,000. It was expected to drop by 7000. Although a Labor Department official described this increase as basically unchanged, it indicates to many that if there was a jobs recovery, it has stalled.

In Europe, the European Central Bank (ECB) left interest rates unchanged, as expected, but the attention will be on the news conference of President Trichet, that will come shortly this morning. It is widely expected he will indicate a rate hike in July. There may be even more interest in his remarks concerning the situation in Greece. Greek, Irish and Portuguese bonds were pressured yesterday as the German Finance Minister, in a letter to the ECB and euro-zone finance ministers, reiterated his proposal that private bond holders take a haircut and Greece be given a seven-year extension of their bond maturities.  This request is at odds with the ECB, who are resistant to any measure that could be viewed as a default.

Mohamed El-Erian, CEO of PIMCO, speaking on CNBC this morning, said he cannot remember experiencing such rapid downward growth revisions, like those occurring of late. These revisions are the result of unexpected poor economic data coming out of the U.S., as well as data indicating other parts of the world are slowing as well. Lower growth creates less top line revenue, that must be made up with cost efficiencies, but cost structures have already been pressured and may not provide further support for declining revenues. Both stocks and bonds have been selling off and the U.S. market was down for the sixth day in a row. He states that since we have a structural problem, it must be addressed with a well planned, designed and coordinated effort. Currently, efforts are too piecemeal. The European Central Union handling of the Greek situation is a good example, as it fuels an accelerating “growth panic.”

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,540.90 (up $1.70)
  • Silver price - $37.30 (up 60 cents)
  • Platinum price - $1,834.70 (up $2.50)
  • Palladium price - $813.90 (up $6.20)

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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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