Our Daily
Market Reports

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

STOCKS RECOVER FROM YESTERDAY’S SELLOFF BUT BERNANAKE SAYS ECONOMY IS AT RISK – Stocks rose sharply today, recovering much of yesterday’s losses.  Gold held steady, still viewed by many as a safe haven asset in times of volatility.  The big news of the day was the release of the report from the Federal Open Markets Committee, a decision-making panel of the Federal Reserve.  Upon the release, Fed Chairman Ben Bernanke made a statement, in which he said, “Economic growth so far this year has been considerably slower than the committee had expected,” and that the “downside risks to the economic outlook have increased.”  While stopping short of announcing further rounds of quantitative easing, Bernanke did say that the Fed was keeping key interest rates at very low levels until at least 2013, an indication that the Fed does not think that the slowdown will end anytime soon.

Is it too late to invest in gold?  With U.S. debt downgraded, Treasury Bills are no longer seen as the completely risk-free assets they used to be.  Meanwhile, gold has been on an astounding run for the past few days as investors flock to it as a store of wealth and a safe haven.  William Rhind, Managing Director of ETF Securities says, “The fundamentals to invest in gold have not changed… The only thing that has changed is that investment case is stronger - the world's best credit, the U.S. government - has been downgraded. It's no longer as safe as it was."

At 4:15pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,748.60 – Up $33.40.
  • Silver - $37.83 – Down $1.66.
  • Platinum - $1,761.00 – Up $37.40.
  • Palladium - $742.60 – Up $12.10.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM