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Morning Gold & Silver Market Report – 8/9/2011

FOMC MEETING TO BRING NEWS OF QE3?

U.S. stock futures are pointing to big gains this morning, a day after the 6th-worst drop in the Dow in history.  All eyes are once again on the Fed Open Markets Committee meeting today, as investors await news of another round of quantitative easing.  The FOMC meeting was originally not expected to weigh on the markets, but after last week’s lackluster economic reports and the downgrade of the country’s credit rating by Standard & Poor’s, the story has changed.  The poor performance on the stock market is not exclusive to the U.S., however.  Global recession fears are growing as Asian and European stocks are also taking a beating.

Gold is sitting on a fresh record high amid big gains overnight.  As the financial uncertainty around the world increases, investors are attracted to the safe-haven appeal of gold.  Peter Hillyard of ANZ said, “The market could come off from here, but it’s headed in a northerly direction.  From where we are now, you might think we could see some sort of pull-back.  But I’m talking about a momentary thing, a pull-back like the loading of a gun, which then fires away.”  UBS strategist Edel Tully said that “the ingredients are all in place for a stronger gold price, as the metal is not subject to the risk of intervention or quantitative easing.”

At 8:06 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,749.60 – Up $34.40.
  • Silver - $38.13 – Down $1.36.
  • Platinum - $1,739.00 – Up $15.40.
  • Palladium - $737.50 – Up $7.00.

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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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