Closing Gold & Silver Market Report – 6/15/2011
GREECE’S GOVERNMENT FAILS – Greek Prime Minister George Papandreou has said in a televised address that he plans to form an new government later this week. Thousands of workers in Greece went on strike, and an estimated 40,000 people took to the streets in protest of new cutbacks and higher taxes. Images of riot police clashing with citizens, eerily reminiscent of Egypt, certainly didn’t make the markets any more comfortable.
Another day, another 100+ point change in the Dow. It’s been a gut-wrenching week in every market. The stock markets saw another huge selloff following the release of Consumer Price Index (CPI) and manufacturing sector data this morning. Today’s market shift follows Friday’s huge drop, then yesterday’s big run-up. Gold’s pendulum swung back and forth a few times today, but closed with a moderate gain. There was pressure on the upside from inflationary news of the CPI and pressure on the downside from an increase in the dollar. The dollar upside didn’t come from anything good, though. Widespread protests in Greece caused the euro to fall against the dollar, raising the dollar’s relative value.
At 4:15 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,531.50 (up $6.60 on the day)
- Silver - $35.91 (up $0.41)
- Platinum - $1,777.80 (down $18.10)
- Palladium - $777.10 (down $17.60)