Our Daily
Market Reports

Morning Gold & Silver Market Report – 8/4/2011

IS WALL STREET SIGNALING A NEW RECESSION?

Stock futures are down this morning, and have remained so after the jobless claims report was released.  The report showed a drop in new claims, albeit a small drop, and the four-week moving average fell to its lowest level since April.  Gold and silver are both holding on to gains, gold near a record high yet again.  Analysts from Commerzbank Commodity Research said in a note, “Gold is still proving its character as a store of value in the current market environment, marked by equity markets tumbling sharply in part and continued high risk aversion.

Spain had a successful bond auction, though not without issue.  The country’s cost of borrowing is rising to levels near unsustainable – around 6%.  Some analysts say that if the level reaches 7%, it would force Spain to ask for a bailout, following in the footsteps of Portugal and Ireland.

The editor-in-chief of Marketwatch says that when looking at economic numbers, it appears as though stocks are “pricing in a new recession.”  He adds that the next few months could be a “wild ride” in a typically-volatile season.

At 8:02 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,676.80 – Up $11.50.
  • Silver - $41.98 – Up $0.17.
  • Platinum - $1,755.50 – Down $29.50.
  • Palladium - $783.40 – Down $13.80.

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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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