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Mid-Day Gold & Silver Market Report – 6/17/2011

Precious metals are trading higher today despite a rally in U.S. stocks. The possibility of Greece defaulting on their debt has been on the lips of every news source for a while now as people wait anxiously for answers. Many say they will and many say they won’t, but almost all agree that, like the Lehman Brothers collapse in 2008, it will have significant effects on the global markets. Alan Greenspan, the former Federal Reserve chairman who is still very well respected and sought-after for his opinion on global economies, has made very strong statements that he feels Greece defaulting is “almost certain.” It is often said, “When Greenspan speaks, the markets start moving.”

Economists polled by MarketWatch say that the U.S. economy is forecasted to improve by .05% in May, and the Conference Board announced today that the U.S. is likely to grow in a “choppy” manner this summer and autumn. The University of Michigan’s consumer sentiment survery had fallen from 74.3 to 71.8, which was much lower than their predicted 73.5.

At 12PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,540.30 (up $9.90)
  • Silver price - $35.72 (up 7 cents)
  • Platinum price - $1,755.70 (down $6.00)
  • Palladium price - $753.50 (down $12.00)

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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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