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Morning Gold & Silver Market Report – 6/28/2011

AHEAD OF VOTE, IS EU THINKING OF PLAN B FOR GREECE?

Following suit with oil, precious metals have rebounded this morning, possibly signaling an end to the selloff that started late last week.  Concern over the debt crisis in Greece is supporting demand for the safe-haven asset of gold.  Most analysts are actually surprised that there has not been more safe-haven buying of gold and silver, considering the bleak outlook in Greece and the troubles the U.S. has with debt at the moment.  Protests in Athens turned violent during a 48-hour strike over proposed austerity measures.  An important vote is to be held midday Wednesday on whether to support the measures.  If the vote does not pass, Greece will likely not receive emergency loans that it will need in order to avoid default in the short term.

Reports have surfaced that the European Union is preparing for a Plan B in the event that the measures do not pass.  EU officials have been working on this contingency plan for several weeks, and its aim is to see that Greece is able to avoid default without the emergency 12 billion euro loan package due next month.  Reuters broke the story, and a senior eurozone finance official involved in the Greek bailout says, “In this sort of situation, you can’t afford not to think about what might happen next.”  Other sources say that it was discussed, but has been thrown out.  Obviously, the EU’s goal is to avoid a Greek default.  Concurrently, there is growing concern over the contagion effect this would have on other embattled eurozone countries like Ireland, Portugal, Spain, and Italy.

The August 2 deadline for raising the debt ceiling remains intact.  President Obama took over as the main Democratic negotiator for Vice President Joe Biden, and the top Senate Republican Mitch McConnell has stepped in as well.  Republicans seem to be refusing to budge on their stance that taxes cannot be raised in any debt ceiling deal.  Democrats want to focus on “unnecessary” and “unjustifiable tax breaks for the wealthy and corporations.  “Something’s gotta give” at some point, as time is running out before the U.S. faces its own default.

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

  • Gold - $1,501.50 (up $4.60 on the day)
  • Silver - $33.94 (up $0.27)
  • Platinum - $1,693.60 (up $19.60)
  • Palladium - $736.10 (up $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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