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Morning Gold & Silver Market Report – 6/29/2011

DO OR DIE FOR GREECE, DOLLAR LOSING GLOBAL RESERVE STATUS

Stock futures are trading higher this morning along with precious metals as the world awaits the big vote in Greece.  The Associated Press reports that it is likely that the vote on austerity measures will pass today, meeting the requirements the European Union has set for further bailout funds.  If the bill does pass, a second vote will be held tomorrow on how to get the plan implemented.  These measures being passed would likely mean a stronger euro, which in turn means a weaker dollar. Thus, the optimism in Greece has the price of precious metals rising due to the negative correlation gold normally shares with the dollar.

A group of central bank reserve managers who control more than $8 Trillion were surveyed on the status of the U.S. dollar recently.  The majority of them predicted that the dollar will lose its status as the global reserve currency by 2036.  Most of those surveyed believe that replacing the dollar will be a portfolio of different currencies.

Updates on the situation in Libya have been scarce lately, but a French newspaper reported today that France has supplied weapons to rebels in Libya.  The weapons were given in order to help the rebels advance to Tripoli, where Muammar Gaddafi’s stronghold is located.  According to the report, France did so without the approval of NATO, “because there was no other way to proceed,” according to a source.

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

  • Gold - $1,508.80 (up $8.10 on the day)
  • Silver - $34.43 (up $0.71)
  • Platinum - $1,718.90 (up $26.20)
  • Palladium - $747.00 (up $9.90)

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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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