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)