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Morning Gold & Silver Market Report – June 20, 2011

STILL NO DECISION IN GREECE SENDS MARKETS LOWER

A decision on a second bailout for Greece was expected to be announced on Sunday, but no decision has been made, as the euro zone finance ministers are determined to get tougher austerity commitments out of Greek’s parliament. The finance ministers are not only looking for support from the Greek government; they want a plan supported by the opposition. This comes at a time when Greece is experiencing violent protests against the current proposed austerity measures. No decision spurs greater uncertainty, which has caused the worldwide equity and precious metals markets to head lower in overnight trading. The U.S. stock market futures are down and appear to be heading for a weak opening.

One voice who feels the European Union (EU) is completely missing the mark with the Greek bailout is PIMCO’s co-CEO, Mohamed El-Erian. Mr. El-Erian stated Sunday that the EU will only be throwing good money after bad if it keeps pumping money into the Greek economy. These actions, intended to save private creditors from taking a loss by shifting the loss to European taxpayers, will only exacerbate the difficulties of a restructuring down the road. Greece has put no measures into place to effectively deal with their mounting debt. Eventually a price will have to be paid and continued support will just be wasted money.

The world’s largest consumer of gold, India, increased their import of gold and silver by 222% between April and May 2011, when compared to the same time period one year ago. Gold demand is seen to be rising by 25% as Indian investors purchase gold as a hedge against their rising inflation.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,537.70 (down $1.90)
  • Silver price - $35.70 (down 14 cents)
  • Platinum price - $1,729.00 (down $24.10)
  • Palladium price - $738.00 (down $9.40)

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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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