Our Daily
Market Reports

Mid-Day – Gold & Silver Market Report – 6/28/2011

GREECE IS THE WORD

Greece continues to be a major news topic for the day. The Germans are backing the French plan for the rollover of Greek debt. Any plan for a rollover, however, requires credit rating agencies (Fitch, Moody’s, etc.) to not put Greece into a default status. The issue with this is that a rollover almost certainly means a default event, which makes insuring the debt cost prohibitive from a bond purchasing perspective. The EU is experiencing its own issues as well, as a report is set to show that 1 in 6 EU banks would fail a financial health check. This report is believed to have some political ramifications as well, but is more a spur to action on the part of private investors, who are being asked to help shoulder the load.

In other EU news, Christine Lagarde taking over the head of the IMF is seen as a “done deal,” thanks to the support of the U.S. She will be the first woman to lead the IMF. She has a lot of adversity to overcome, from the Greek crisis to satiating those member nations that had supported Agustin Carstens of Mexico. “Minister Lagarde’s exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy,” according to Timothy Geithner, U.S. Treasury Secretary.

At 12:06 PM (CDT) the APMEX precious metals prices’ were:

  • Gold price – $1502.40 (up $5.50)
  • Silver price – $33.92 (up $0.25)
  • Platinum price – $1692.20 (up $18.20)
  • Palladium price - $737.50 (up $10.90)

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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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