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Mid-Day Gold & Silver Market Report – 6/9/2011

MARKETS UP ON TRADE GAP REPORT, GREECE PLOT THICKENS

U.S. stocks are holding onto gains after six straight days of losses.  Markets across the board are trading higher at the moment, with gold and oil also holding onto gains.  A report showed that the U.S. trade gap narrowed in April, which brings expectations of a rise in the gross domestic product (GDP) for the second quarter.  Fed Vice Chair Janet Yellen commented pessimistically on the housing recovery today, saying she expects it to be a long, drawn-out process.  Prices are falling and have been for six years, and it probably won’t stop any time soon.  Joining in the pessimism, this time on the economy, was economist Robert Shiller, who recently stated that the economy was at a “tipping” point, and that there is indeed risk of a double-dip recession.

After news that Greece’s economy shrank at a far sharper rate than expected in the first quarter (5.5%), the estimate of a new bailout package from the European Union and the International Monetary Fund has increased to more than 120 billion euros.  European Central Bank President Jean-Claude Trichet pushed back against Germany’s demands that a bond swap is necessary to lengthen Greek debt maturities in the ECB’s monthly news conference.  The picture in Greece continues to cast doubt that they will be able to meet even the original bailout conditions from last year, adding complexity to a new package.

At 1:30 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,543.90 (up $4.70 on the day)
  • Silver - $37.55 (up $0.85)
  • Platinum - $1,845.00 (up $12.80)
  • Palladium - $819.00 (up $11.30)

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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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