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Mid-Day Gold & Silver Market Report – 6/10/2011

AS QE2 ENDS, THE FLOCK TO CASH PICKS UP

The uncertainty surrounding the end of QE2 and a lack of a firm direction towards a possible QE3 by the Fed, investors are looking to become less risky in their investments. This is causing dips in the market, which is set to continue its weekly losing streak. According to William De Vijder, Chief Investment Officer at BNP Paribas Investment Partners,” …That's fueling taking money off table and an increase in risk aversion. The ending of QE2 means money will be pulled towards government bonds and that will be detrimental for high yields or emerging markets. That's the risk.”

Everyone has an assumption on a number of levels that Christine Lagarde is the front runner for the head of the IMF and her win is a foregone conclusion, before the list of nominees comes out. Remember Donald Trump’s presidential candidacy? Anyone? There is growing concern over just whom may be the ultimate candidate for the IMF head and whether or not, for the first time in its history, that person could be someone from an emerging nation, such as her main competitor Agustin Carstens of Mexico or a European, like Ms. Lagarde.

With the dollar strengthening, the price of gold seems to be dipping. However, according to a number of analysts, persistently low interest rates, the poor U.S. economic performance and euro zone issues all point towards a more favorable long term outlook for gold.

At 12:17 PM (CT) the APMEX precious metals’ prices were:

  • Gold price - $1534.30 (down $8.90)
  • Silver price - $36.62 (down $0.90)
  • Platinum price - $1831.30 (down $14.40)
  • Palladium price - $818.00 (down $2.10)

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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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