Our Daily
Market Reports

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

CAN HOME PRICES KEEP ON FALLING? – Veteran economist Robert Shiller said today that recent housing and unemployment data suggest the U.S. economy  is tottering and could fall into a double-dip recession. Double dip or not, housing prices could fall much further. Mr.Shiller is looking at unemployment numbers. If they continue to go up in the coming months, we could see another recession."My gut feeling is we might see a continuation of the decline" in home prices, Shiller said earlier Thursday at a Standard & Poor's housing summit.He added that a 10 percent to 25 percent slump in real home prices "wouldn't surprise me at all," though he cautioned that was not a forecast.

If you thought food prices were climbing at your local grocer, you would be correct. The American Farm Bureau Federation conducts a periodic survey using the same 16 food items. These 16 items cost 4% more in May than they did in February.“Further retail price increases are likely to be the new normal as we move through 2011, especially for meats,” American Farm Bureau economist John Anderson said in a statement.

The US stock market had its first up day in over a week. Although well off daily highs, the market closed up 75.42.

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,545.90 (up $6.70)
  • Silver price - $37.66 (up 96 cents)
  • Platinum price - $1,846.20 (up $14.00)
  • Palladium price - $819.90 (up $12.20)

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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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