Closing Gold & Silver Market Report – 8/12/2011
Wild Week of Ups & Downs Ends on a High Note
This was one of the most volatile weeks for the stock market in recent memory, but with today’s 125 point gain, stocks are only down 1% for the week. Gold prices were down sharply for most of the day, but have rallied back up towards even as we come to the close. Silver, platinum and palladium were up throughout the day. Is the worst of the selling over? Will aggressive buying come back in? Are we still on the verge of a double dip depression? There is a multitude of opinions, but does anyone really know? Stay tuned. It all begins again next week. The only true protection may lie in a well balanced and diversified portfolio, utilizing the four asset classes of stocks, bonds, cash and gold.
One thing we can be sure of is that all eyes will still be on Europe next week. Today, the Italian government approved new austerity cuts aimed at avoiding another Greek situation for the European Central Bank (ECB). The ECB had insisted on these measures as they know the Italian economy is too large for them to bail-out. Italy’s Cabinet pushed through these cuts despite strong opposition from local government officials, who denounce these as unjust and damaging to the economy. Next Tuesday, we will be watching the Merkel (Germany)-Sarkozy (France) meeting with great interest. German Chancellor Merkel is coming under more and more political pressure regarding their financial support for the European Union.
At 4:15 PM(CT) the APMEX precious metal prices were:
- Gold price - $1,751.10 – down $2.40
- Silver price - $39.18 -up 41 cents
- Platinum price - $1,800.00 – up $7.60
- Palladium price -$749.00 – up $13.20