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Market Reports

Mid-Day Gold & Silver Market Report – 8/11/2011

STOCKS ARE UP – GOLD TAKES A STEP BACK

Gold and silver are trading down today while the stock market is staging a small recovery.  Treasury prices are falling, with yields rising from near-record lows while traders look to stocks for riskier assets after the rallyOil is also up today after the news of the jobless claims declining. 

Monday marks the 40th anniversary of Nixon’s move to abandon the gold standard, when he called it only a temporary move.  An article in Reuters today gives a brief history on the move while going on to quote experts’ opinions on going back to the gold standard.  James Turk, founder of Goldmoney, notes, “Gold has been rising against all national currencies, and that’s significant…When there are problems with a national currency…people begin to worry about the value of their money, whether they’re going to lose purchasing power because of inflation or other problems.  As a consequence, they look for safe havens.”

With concerns of troubling markets, the average mortgage rate on a 30-year fixed-rate mortgage has declined to 4.23%, which is the lowest level since November.

At 12:15 AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,763.30 – down $23.00
  • Silver price - $38.93 – down 51 cents
  • Platinum price - $1,792.00 –up $20.30
  • Palladium price - $735.10 – up $6.40

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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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