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Morning Gold & Silver Market Report – 7/19/2011

GOLD FLAT AS DEBT CEILING, EUROZONE ISSUES REMAIN

The doors to compromise finally seem to be opening in debt ceiling negotiations.  More details have arisen about behind-the-scenes deals that are in the works.  The game of politics is still very much in play, but at least one deal is looking to give President Obama the power to raise the debt ceiling himself if the two sides cannot come to an agreement.  In allowing that, Republicans can avoid the blame of failing to raise the debt ceiling while never actually voting for it.  Obama’s imposed deadline for a deal to raise the debt ceiling is just three days away, and the potential day of default is a mere two weeks away.

Gold is fairly flat today as the euro rises.  Investors seem to be showing more risk appetite after the single currency dipped to record lows against the Swiss franc (which, like gold, is often seen as a safe haven store of value) yesterday.  An economic sentiment survey in Germany fell, showing that the ongoing debt problems in the eurozone are having an adverse effect even in its strongest economy.

Strong demand for gold in India has been supporting prices and has gone largely unnoticed.  The Indian people, like the Chinese, are seeing gold as a way to protect their wealth in times of high inflation.  The World Gold Council recently said that 58% of first-quarter demand for physical gold was from these two countries.  Over the past thirty years, gold prices have typically eased in the summer amid quiet trading.  Since the beginning of June, however, gold is up 4.5%.

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

  • Gold – $1,603.70 – Up $0.30 on the day.
  • Silver – $40.41 – Flat.
  • Platinum – $1,776.50 – Up $1.10.
  • Palladium - $795.00 – Down $1.60.

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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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