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Mid-Day Gold & Silver Market Report – 7/18/2011

GOLD RISES WHILE STOCKS DROP AMID CONTINUING DEBT FEARS

U.S. stocks have seen a sharp drop in morning trading, primarily caused by the ongoing fears investors have over the failure by U.S. policymakers to raise the debt limit, as well as the uncertainty that still surrounds the debt crisis in Europe. Those same fears helped gold futures to rise above last week’s record high of $1,590.10/oz. to over $1,600/oz. so far today, as investors continue to look upon gold as a financial safe haven. The price of gold has risen over 7% in July.

Discussions on raising the U.S. debt limit continue to show a distinct lack of progress. This week, Senate Republican Leader Mitch McConnell and his Democratic counterpart Harry Reid plan to introduce legislation that would enable the President to raise the debt ceiling three times over the coming year in exchange for deep spending cuts over the next decade. At the same time, Republicans in Congress will be voting tomorrow on a similar bill that raises the debt ceiling and requires spending cuts, but also amends the Constitution with a balance budget amendment. Even if this bill passes through Congress, however, it is not expected to pass the Senate.

Although news of the U.S. debt ceiling has monopolized the headlines as of late, it does not take away from the continuing crisis in the Eurozone. Pimco’s Neel Kashkari told CNBC today that a plan of “overwhelming force to let the markets know that once and for all you’re putting out the fire” in Europe should be to let Greece, Portugal and Ireland default.

At 12:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,605.20 – Up $14.10 on the day.
  • Silver - $40.40 – Up $1.27.
  • Platinum - $1,772.80 – Up $17.30.
  • Palladium - $795.60 – Up $12.90.

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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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