Morning Gold & Silver Market Report – 6/13/2011
INVESTORS WILL BE WATCHING THE STOCK MARKET THIS MORNING TO SEE IF IT REBOUNDS FROM FRIDAY’S ALMOST 200 POINT LOSS. Futures are pointing to a slightly positive opening. Overnight, world stocks continued to lose ground as they touched a 12-week low. This latest drop is fueled by concerns that weak economic data coming out of China could forecast weaker global growth. Investors continue to worry about how the Greek debt problem will be resolved. There are clear signs that policy makers are struggling to come up with a structure for a second Greek bailout without triggering a default.
The International Monetary Fund (IMF) is the latest victim of a major cyber attack, that was clearly intended to steal sensitive insider information. This occurred during a time that the IMF is looking for its new leader. The U.S. FBI is assisting with the investigation. The IMF has stated that they remain “fully functional” and had no further comments as to the extent of the attack.
New York University professor Nouriel Roubini fears that a “perfect storm” of a weakening U.S. economy;a slowdown in China;European debt restructuring and stagnation in Japan may all converge no later than 2013 and threaten the global economy. During a June 11 interview in Singapore, Mr. Roubini said, “ there are already elements of fragility. Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier, and bigger on debt, and all these problems may come to a head by 2013 at the latest.” In July 2006, Mr. Roubini predicted a catastrophic global financial meltdown that central banks would be unable to prevent.
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,531.60 (up $1.90)
- Silver price - $35.95 (down 49 cents)
- Platinum price - $1,820.00 (down $14.00)
- Palladium price - $807.90 (down $11.40)