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Closing Gold & Silver Market Report – 06/28/11

LAGARDE IS THE NEW HEAD OF THE IMF – It didn’t require a vote once the U.S. officially gave their support to Christine Lagarde.  She was selected by consensus to become the next Managing Director of the International Monetary Fund (IMF).  Lagarde has been quoted saying, “The IMF must be relevant, responsive, effective and legitimate to achieve stronger and sustainable growth, macroeconomic stability and a better future for all.”  She will face a difficult challenge taking on the the Greek debt crisis as her first order of business.  It is speculated that White House economist David Lipton will be named to the No. 2 spot, replacing John Lipsky who is retiring after in charge of the IMF in the interim since Dominique Strauss-Kahn was arrested.

Stocks gained, the euro rose and U.S. Treasuries tumbled today due to recent speculation that Europe will take action to prevent a Greek default, but citizens are protesting in the streets.  Greek unions began a two day strike protesting the painful cuts that will be required to keep the country afloat.  Chief currency strategist at Brown Brothers Harriman, Marc Chandler, was quoted saying, “European officials will do everything they can do to prolong that [a Greek default].  That is so banks in Europe can be stronger, better prepared to deal with it."  In the same interview he said that we were probably still a couple of years away from a true default.  Whether default happens this summer or in two years, the story of Greek debt and how it is dealt with will continue to influence world markets and make news. 

At 4:15 PM (CDT) the APMEX precious metals spot prices are:

  • Gold price – $1,503.10 (Up $6.20)
  • Silver price – $34.03 (Up $0.36)
  • Platinum price – $1,700.90 (Up $26.90)
  • Palladium price - $743.10 (Up $16.50)

What a great way to show your patriotism! 1 oz. American Flag Design Silver Bar.

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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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