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Mid-Day Gold & Silver Market Report – 8/15/2011

ECB BUYS BONDS

The European Central Bank announced that last week it began buying Italian and Spanish securities. According to Christoph Rieger, head of fixed-income strategy at Commerzbank AG in Frankfurt, “The market optimists will interpret this number as good news as it underscores the ECB’s resolve…Equally, the pessimists will point out that it is bad news as it shows how much money the ECB had to commit for the yield compression seen.” This came about primarily due to a failure of politicians to convince investors that the debt crisis could be contained.

In world news, Libyan rebels have announced they have basically cut off Muammar Gaddafi’s two main supply routes. This is the rebels’ boldest advance since the uprising began. Rebels lack the manpower for an assault on Tripoli but are hopeful their news will inspire an uprising or a total surrender of power. Also, Pakistan gave China access to the “stealth” helicopter during the Osama Bin Laden raid, even though they were told implicitly to not allow that to happen. Pakistan is an ally in the region to the United States, but they are upset over the raid and view China a bit more favorably.

At 1:15 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,769.00 – up $24.40.
  • Silver price - $39.69 – up $0.47.
  • Platinum price - $1,800.40 – up $3.70.
  • Palladium price - $749.70 – down $0.50.

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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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