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Mid-Day Gold & Silver Market Report – 7/19/2011

GOLD STAYS ABOVE $1,600 AS U.S. STOCKS RISE

Stocks in the U.S. have risen today based on both positive earnings results from a number of companies and an unexpected six month high in housing-market data. However, the market news wasn’t entirely sunny as Goldman Sachs Group Inc’s earnings were far lower than expected and Bank of America posted a loss of $8.8 billion, which is its largest quarterly loss ever. After a weeklong rally of over 4.5%, gold is trading with only minor losses (though still above $1,600) as investors readjust their portfolios and sell-off their gains.

There’s a vote scheduled today in the House of Representatives on a Republican measure that would allow the debt limit to be increased only if significant spending cuts take place prior to the increase. The measure would also amend the U.S. Constitution to require the government to have a balanced federal budget moving forward into the future. However, even if the measure passes the Republican-led Congress, it is not likely to make its way through the Democratically-controlled Senate, with President Obama threatening a veto even if it did.

German Chancellor Angela Merkel is warning that the upcoming summit between European Union leaders on July 21 won’t result in a quick fix for the fiscal crisis currently plaguing Europe, saying “It’s entirely about creating a controlled, composed process of gradual steps and measures.” Members of the EU are struggling with other member countries and with officials from the European Central Bank to come to a consensus on how to stop the debt problems currently affecting Greece from spreading to other European nations.

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

  • Gold – $1,602.50 – Down $0.90 on the day.
  • Silver – $40.32 – Down $0.08.
  • Platinum – $1,777.00 – Up $1.60.
  • Palladium - $799.50 – Down $2.90.

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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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