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Morning Gold & Silver Market Report – 6/10/2011

CHINA BUYING SILVER AT A RECORD PACE - China has traditionally been a net exporter of silver, but recent data shows them now to be net importers.  In 2010, China’s imports of silver hit a record high, as imports quadrupled to 3,500 tonnes.  The Chinese appetite for silver is being driven by both industrial and investment demand. Both gold and silver prices could be affected by a recent decision by China’s financial market regulator. They have given the go-ahead to China Universal Asset Management Company to start a fund that will invest in overseas precious metals ETFs, thus giving Chinese citizens another means to invest in precious metals. 

Speaking again of China, they posted a smaller than expected trade surplus in May of $13.1 billion. This was due to increasing imports and a weaker global demand . China’s sales to the US and the European Union fell to their lowest point since late 2009. Although this indicates economic weakness on a global scale, China’s economy is still expanding at a healthy pace, albeit slightly slower.

The U.S. stock market broke its losing streak yesterday, but is set to open lower again today. Traders are still digesting the Chinese economic data and an unexpected interest rate hike in Korea. There is concern that China could raise interest rates again to cool the economy and fight inflation. 

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

  • Gold price - $1528.90 (down $14.30)
  • Silver price - $36.78 (down 73 cents)
  • Platinum price - $1,832.80 (down $12.90)
  • Palladium price - $811.20 (down $8.90)

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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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