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Mid-Day Gold & Silver Market Report – 8/9/2011

FED MAY HAVE A LOT TO SAY TODAY

The stock market is rebounding on the hope the Federal Reserve will come out with measures to help buoy the current economic condition facing the United States. The meeting is set for later this afternoon (2:15 pm ET) and speculation is mounting that Chairman Ben Bernanke may announce steps to ramp up growth. According to Wayne Lin, a money manager at Legg Mason Inc. of Baltimore, “The market has convinced itself that Bernanke is going to, or has to, say something to calm the markets…It’s a matter of confidence. After yesterday’s drop in stocks, investors are hoping that the administration has gotten the message that they need to get their act together. The other part of it is that a lot of the measures we’re looking at are saying that relative to bonds, stocks are very cheap.”

For the first time since fresh financial crisis worries surfaced, Chinese Premier Wen Jiabo came out urging global nations to come together to stabilize current market conditions. In a radio address to China, he said, "We urged relevant countries to take responsible monetary and fiscal policies to cut fiscal deficits and properly manage the debt crisis, to ensure a stable performance of global markets and maintain investor confidence…The global community should improve the communication and coordination of their macroeconomic policies to realize sustainable, stable and balanced growth in the world economy.”

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

  • Gold - $1,745.40 – Up $30.20.
  • Silver - $38.07 – Down $1.42.
  • Platinum - $1,755.80 – Up $32.20.
  • Palladium - $736.60 – Up $6.20.

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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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