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Market Reports

Morning Gold & Silver Market Report – 6/24/2011

CONGRESSIONAL IMPASSE, DEADLINE LOOMING

Vice President Joe Biden has been leading a small group of Democrats and Republicans in an initiative to come to a bi-partisan agreement on raising the U.S. debt limit by August 2. It appears any chance of an agreement broke down on Thursday, when Republicans walked out on the budget talks. The group quit unexpectedly over what they describe as an impasse over tax increases. The ball is now clearly in President Obama’s court and sets up a showdown with House Speaker John Boehner.

Yesterday, Greek officials and the European Union agreed to terms for austerity measures and all that was left was to get the Greek parliament to approve them on June 28. However, one week after the vote there is a new hurdle that could bring down everything. On July 5, the German Constitutional Court will conduct a formal hearing to determine if the first Greek bailout was in line with the German and European Constitution. The German government must prove it did not violate the “non-bailout” clause.

Gold prices steadied in overnight trading as investors continue to be skeptical of Greece’s ability to become solvent. Gold prices fell by as much as 2% yesterday. The euro continued to fall against the dollar as 18 Italian banks are having their credit ratings reviewed for possible downgrades.

At 8:01 AM (CDT) the APMEX precious metals spot prices were:

  • Gold price - $1,521.80 (up $0.80)
  • Silver price – $35.07 (down $0.03)
  • Platinum price – $1,697.00 (up $1.50)
  • Palladium price - $742.10 (down $3.30)

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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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