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Morning Gold & Silver Market Report – 8/3/2011

TWO RATINGS AGENCIES KEEP U.S. AT AAA RATING WITH WARNINGS

Credit ratings agencies Moody’s and Fitch have said that the U.S. sovereign debt rating will remain unchanged, but both companies said that a downgrade could still come in the future.  Moody’s placed the U.S. rating on a negative outlook, and gave warnings as to what would cause a downgrade.  One of the potential reasons for downgrade would be a “weakening in fiscal discipline in the coming year,” which is similar to Fitch’s warning of a downgrade if “fundamental weakness” in the economy is not corrected.

In a bit of ‘good news, bad news’ for the economy, the ADP private-sector jobs report was released this morning and showed an increase of 114,000 in July.  The better-than-expected report was tempered by news that June’s gain was revised down to 145,000.  This pushed stock futures up, but has had little impact on gold and silver, which have not moved much since it was released.  Gold hit a record high over $1,675 overnight as the economic woes in the U.S. and Europe spurred safe-haven demand for the metal.

At 8:15 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,669.40 – Up $25.90.
  • Silver - $41.20 – Up $1.05.
  • Platinum - $1,787.40 – Down $6.10.
  • Palladium - $811.80 – Down $17.10.

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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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