Morning Gold & Silver Market Report – 8/12/2011

GOOD NEWS IN U.S., EUROPE NOT TEMPERING DEMAND FOR SAFE HAVEN

Retail sales for July increased by 0.5%, allowing stock futures to add to gains this morning.  Another closely-watched report to be released this morning is the University of Michigan’s August index of consumer sentiment.  Expectations are that sentiment will have fallen to 62.0 from 63.7, but most are looking forward to next month’s report, which will take into account the U.S. credit rating downgrade and this week’s volatility in the market.

In Europe, a ban on short-selling has supported a market rally after banks have taken major hits over the past week.  This situation was also softened by data released by the European Central Bank that showed that the banks do not have liquidity issues, as previously speculated.  The Italian cabinet called a meeting today to approve a deal regarding balancing the budget in the next two years, easing fears of contagion of the European debt crisis.  Many reports have surfaced recently that Italy was too big to bailout, so this is an important move.

Gold and silver are relatively flat this morning, as investors continue to seek the safe haven appeal of precious metals.  In fact, many “cash-for-gold” companies are having a hard time finding people willing to give up even their old jewelry for cash.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold – $1,749.20 – Down $4.40.
  • Silver – $38.56 – Down $0.22.
  • Platinum – $1,804.00 – Up $11.60.
  • Palladium - $750.50 – Up $14.70.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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