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Market Reports

Morning Gold & Silver Market Report – 6/14/2011

REPORTS FINALLY COME IN AS EXPECTED, MARKETS ALL UP

Most economists expected a drop in the retail sales report for May of anywhere between 0.3% to 0.7% when automobile sales were included.  The report released this morning showed that the fall was 0.2% with auto sales considered, but up 0.3% when they were excluded.  The Producer Price Index rose 0.2% over last month, which was pretty much in line with expectations.

Global stocks and U.S. stock futures are up this morning, as are oil and gold.  What does that have to do with the price of tea in China?  All three are said to be up based on news from the Eastern country, where reports last week were showing that their economy was slowing, possibly stalling global growth as well.  However, the People’s Bank of China just announced a rate hike, showing that they are trying to curb inflation – not necessarily a sign of a slowdown.

The International Monetary Fund, in a surprise move, did not approve changing the maximum age for candidates for their top job.  Most expected the rule change to go through in order to allow Bank of Israel Governor Stanley Fischer to run.  The move all but settles this into a two-person race, with France’s Finance Minister Christine Lagarde in the lead, as well as Mexico’s central bank chief Agustin Carstens.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold – $1,517.70 (up $1.60 on the day)
  • Silver – $34.79 (down $0.04)
  • Platinum – $1,800.20 (down $7.60)
  • Palladium - $796.50 (down $5.80)

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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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