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Mid-Day Gold & Silver Market Report – 7/20/2011

MORE PLANS, MORE PROBLEMS, GOLD RISING

Congressional leaders are doing their best to come up with a strong enough compromise that will accommodate the need to increase the debt ceiling, while also balancing the budget. The main component is trying to accommodate two different plans in one fell swoop among a bipartisan Congress. Charles Schumer, a noted Democrat, says, “The fact that Republicans are coming out for revenues is certainly something of a breakthrough, they haven’t done that before…We hope it shows they’re willing to compromise. But of course we are running out of time. We need to assure the world we will not default on our debt.” Some Republicans, like Oklahoma’s Tom Coburn, want to go “all out” to solve the problem while also recognizing there are issues some party members may not be entirely comfortable with in regards to the current “Gang of Six” proposal. Kent Conrad of North Dakota basically says the nation needs to “face up” to the current economic situation. The pressure is building.

EU leaders will be meeting Thursday in an effort to come up with a convincing solution to Greece’s debt crisis or the global economy will pay the price. Jose Manuel Barroso, as well as officials of the 17-nation currency and bankers struggled to decide on a set of measures to persuade markets that Greece can be saved from default and the rest of the euro zone from contagion. “Nobody should be under any illusion; the situation is very serious. It requires a response, otherwise the negative consequences will be felt in all corners of Europe and beyond," Barroso told a news conference. Barroso states that the elements of solution must include measures to ensure sustainability of Greek public finances, private sector involvement in funding for Athens, more flexible use of the euro zone's EFSF bailout fund, repair of the region's banking system and liquidity to keep the economy going.

At 12:01 PM (CT) the APMEX precious metals spot prices were:

  • Gold – $1,597.10 – Down $5.00 on the day.
  • Silver – $39.59 – Down $0.70.
  • Platinum – $1,775.50 – Down $0.80.
  • Palladium - $796.10 – Down $4.20.

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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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