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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)

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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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