Morning Gold & Silver Market Report – 6/15/2011
STOCKS, EURO TUMBLE
U.S. stock futures pointed south awaiting the latest round of economic reports, and fell sharply once the reports were released. Even the core consumer prices rose by 0.3%, the largest one-month gain in nearly three years. The core prices are typically a better indicator of inflationary trends since they strip away the volatile factors of food and energy. A separate report showed a regional manufacturing index declining sharply in June.
European officials haven’t made any progress on a potential second bailout for Greece. Thousands of workers walked off the job today to join a strike against the proposed austerity measures that Greek lawmakers are set to debate. The European Central Bank and Germany are still at odds over the private sector’s role in a potential bailout. The euro slumped amid the news. The US dollar is up, but gold has recovered from early-morning losses.
At 9:15 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,531.40 (up $6.50 on the day)
- Silver - $35.66 (up $0.16)
- Platinum - $1,793.20 (down $2.70)
- Palladium - $790.00 (down $4.00)