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Mid-Day Gold & Silver Market Report – 6/15/2011

INFLATION INCREASES GOLD’S APPEAL

Precious metals have been up and down in morning trading. Prices started lower in anticipation of the release of the Consumer Price Index (CPI) numbers and then jumped up once they announced that it was higher than expected, up 0.3% or 3.6% annualized. This is the largest gain since July 2008, when the economy was hit the hardest in the recession. CPI numbers reflect how much inflation has occurred with our dollar. The CPI can signal inflation when it has increased, which also increases gold’s appeal as a safe haven and protector of wealth.

The DOW fell this morning by 164 points along with continued concerns and protests in Greece are on the forefront of consumers’ minds as they wait to see how the situation will be resolved. Will Rhind, the head of U.S. operations for ETF Securities, commented, “Gold and silver are being supported by this whole nervousness from investors about the Greek situation in Europe…a sovereign default or restructuring would be a major event.” He also goes on to mention how he thinks that a main driving force behind gold purchases is buying as a hedge against inflation.

At 12:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,525.60 (up $0.70on the day)
  • Silver - $35.46 (down $0.16)
  • Platinum - $1,777.40 (down $18.50)
  • Palladium - $778.90 (down $15.80)

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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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