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Market Reports

Closing Gold & Silver Market Report – 6/23/2011

GREECE’S AUSTERITY PLAN APROVED, BAILOUT IMMINENT – The IMF and EU approved Greece’s plan for proposed austerity measures this afternoon, which opens the door for an emergency bailout to aid Greece’s bankrupt government.  The austerity package is comprised of a mixture of tax increases and cuts in spending.  The measure still has to be approved by the Greek parliament, where it is likely to face some headwinds.  Most analysts say a vote for the measures, which are unpopular among Greek citizens, is equivalent to political suicide.

On American shores, our own leaders have been in talks over our own debt situation.  Several sticking points have been an increase in revenue and cuts in entitlements, like social security and medicare.  However, today, a congressional budget deal looks to be further away, as committee members walked out of talk after becoming deadlocked on tax increases.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,521.80 (down $32.10 on the day)
  • Silver - $35.38 (down $1.45)
  • Platinum - $1,705.50 (down $47.90)
  • Palladium - $749.50 (down $23.10)

A good way to protect your portfolio from the uncertainty surrounding the sovereign debt crisis is to allocate some of your assets to gold.  American Gold Eagles are one the most popular choices for gold investment.

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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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