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Mid-Day Gold & Silver Market Report – 6/30/2011

CHINA’S HAND IN THE COOKIE JAR; QE2 WORTH IT?

In a report released today, it was announced why Treasury auction rules changed back in 2009. The Treasury Department changed their procedures then to allow for more transparency in the purchase of U.S. government debt through bond auctions. They handled the change diplomatically and said that the procedure was outdated, but in actuality, fear that China was purchasing far more of the allotted 35% to any individual investor (private, public or international) through back channels was the reason. By not adhering to the original rule it allows the investor to purchase far more debt thus having far more potential economic impact. The Treasury had long said there was a diversified base of investors, but the report today suggests otherwise. The debt owner’s influence greatly affects inflationary pressure.

QE2 officially ended today and there is a lot of talk as to whether QE2 was a success. The U.S. was facing the deepest recession since World War II and the Fed stepped in with an idea to help with the recovery. The recovery had become stagnant, prices were dropping, unemployment was increasing, and stocks were rather melancholy. QE2 effectively turned that around, but by the same token, pumped money into more speculative buying than it did into lending, which has ultimately hurt consumer spending to some degree. Greg Michalowski, chief currency analyst for FXDD, said, “I think maybe one of the reasons why they're not doing QE3 is because, well, you know, (QE2) didn't work. Oil prices went up. Money went into speculative things. It (hasn't) gone to lending. It's going to speculation."

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

  • Gold – $1506.10 (down $5.30)
  • Silver – $34.88 (up $0.05)
  • Platinum – $1725.90 (down $0.70)
  • Palladium - $761.50 (up $7.70)

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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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