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)