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.