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Morning Gold & Silver Market Report – 6/27/2011

CAN OBAMA RESTART DEBT CEILING TALKS?

U.S. stock futures are holding on to mild gains this morning amid the release of consumer spending data, which remained flat and is the weakest in almost a year.  The dollar has recovered against the euro, which caused gold to give up its very modest early-morning gains.  Gold has been relatively flat, while silver is teetering around the $34.00/oz. mark, likely due to a continuance of the selloff from last week.

President Obama is scheduled to have talks with Senate leaders today, attempting to play peacemaker between Democrats and Republicans so that talks may resume to reach a deal on the debt ceiling.  While at first one may assume Obama would stick to his Democratic roots, however he must also consider his political career.  There is great public concern over Obama’s handling of the debt, so it may be in his best interest to be completely unbiased in order to encourage leaders to resume bi-partisan talks.  Failure to do so will likely result in a U.S. debt default as early as August 2.

The head of the European Union’s Economic and Finance Committee, Vittorio Grilli, is meeting with representatives from some of the world’s largest banks today in an effort to “sell” a voluntary rollover of Greek debt.  Germany and France have endorsed a rollover of 70% of Greek debt holdings into longer maturity debt, which may prevent Greece from defaulting.  Credit rating agencies have said that anything but a voluntary rollover of Greek debt would still be considered a default, though no clear answer has been given as to whether a voluntary rollover would also be considered a default.  This would essentially solidify that Greece is in a no-win situation.  George Soros, manager of one of the largest hedge funds in the world, believes that the euro as a currency is fundamentally flawed, and fears that the EU is headed for collapse.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,499.70 (down $1.70 on the day)
  • Silver - $33.97 (down $0.76)
  • Platinum – $1,682.20 (up $3.60)
  • Palladium - $725.80 (down $7.80)

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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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