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Mid-Day Gold & Silver Market Report – 6/24/2011

SELLOFF CONTINUES; WILL AUSTERITY EVEN MATTER IN GREECE?

Gold prices are down again today amid “merely follow-through selling after yesterday’s strong drop,” says Brien Lundin with the Gold Newsletter.  For the second day in a row, most stock prices are down as well as gold, going against the historically negative correlation the two share.  It is not uncommon for commodities (including gold) to be sold off to cover losses in the stock market.

As the debate around austerity measures intensifies in Greece, it is becoming more apparent that those measures are irrelevant, writes Jeff Cox of CNBC.com.  He goes on to say, “[A]ll the austerity in the world won’t make Greece’s problems go away.”  Banking Analyst Dick Bove of Rochdale Securities wrote, “Greece and a number of other European countries cannot repay their debt.  In fact, they will never be able to repay their debt under current conditions because their economies are not competitive globally.”  This highlights the underlying problem in Greece, which is the lack of a modernized economy.

In an effort to resurrect stalled negotiations aimed at reaching a deal on the U.S. debt ceiling, President Obama plans to hold separate talks with Senate Democratic and Republican leaders Monday.  This comes after House Majority Leader Eric Cantor walked out on bi-partisan talks due to the Republicans’ refusal to increase taxes as part of the deal.

At 12:51 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,502.30 (down $18.70 on the day)
  • Silver - $34.84 (down $0.26)
  • Platinum - $1,684.80 (down $10.70)
  • Palladium - $735.80 (down $9.60)

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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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