Mid-Day Gold & Silver Market Report – 6/13/2011
IS THE US FINANCIALLY IN WORSE SHAPE THAN GREECE? – According to Pimco’s Bill Gross, the U.S. is financially worse off than Greece and other European debt-laden countries. Mr. Gross makes the point that although the current focus is on the $14.3 trillion dollar debt, when you factor in the future costs of Medicare, Medicaid and Social Security, you get a total that looks like more than $100 trillion dollars. "To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross said in a live interview. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."
The U.S. dollar is falling today against the euro and the pound. Credit investors are treating the negotiations for Greece’s latest financial aid as if a default is an inevitability,” said Kathleen Brooks, research director at Forex.com. Standard & Poor’s came out Monday and cut Greece’s credit rating by another three notches, which clearly indicates their belief that Greece is heading for a default.
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,515.80 (down $13.90)
- Silver price - $34.84 (down $1.58)
- Platinum price - $1,796.40 (down $37.00)
- Palladium price -$796.80 (down $22.60)