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Mid-Day Gold & Silver Market Report – 8/12/2011

CONSUMER SENTIMENT WORSE THAN EXPECTED

A 30 year old low has been reached as the preliminary index of consumer sentiment slumped to 54.9. The projected number was 62 as of this morning but the official report has a much wider margin. The weak employment data and volatility in the markets lead a lot of economists to believe consumers will regroup and wait for a blow over. The low job gains and elevating gas prices are increasing the risk of slower than expected economic growth. Donnie Smith, Chief Executive Officer of Tyson Foods Inc., said, “Unemployment’s still over 9 percent, gas prices continue to take a bigger piece of disposable income with the average price of unleaded peaking at almost $4 a gallon in May…These macroeconomic factors have, of course, affected consumer behavior in both the foodservice and the retail channels.”

Italy is set to announce tough austerity measures to avoid a Greek-like emergency. The issue with Italy is more that its economy is actually too big to bail out. The bailout would exceed the European Central Bank’s bailout mechanisms. An emergency meeting with Prime Minister Silvio Berlusconi is set within the next couple of hours (1 PM ET). There continue to be concerns as well that the euro zone debt crisis has reached France. In the midst of the European holiday season, the fear of a downgrade to France’s AAA rating, has led President Sarkozy to return from vacation to offer up France’s own austerity measures. The major question this brings up, especially since France is viewed as a twin pillar with Germany, according to Morgan Stanley economist Olivier Bizimana, is "The implicit hypothesis is that the countries that have the financial means to support the countries that are in trouble do not run into difficulties themselves.”

At 12:04 pm (CT) the APMEX precious metals spot prices were:

  • Gold – $1,742.80 – Down $10.90.
  • Silver – $39.02 – Up $0.24.
  • Platinum – $1,797.10 – Up $4.70.
  • Palladium - $749.30 – Up $13.40.

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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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