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Closing Gold & Silver Market Report – 8/15/2011

US STOCKS RALLY TODAY; GERMAN CHANCELLOR RESISTS SO-CALLED “EUROBONDS”

Since the Mid-Day Gold & Silver Market Report posted by APMEX at 1:15 PM, the spot price of gold has risen from $1,769.00 to $1,770.50 (up $25.90 overall for the day) and the spot price of silver has risen from $39.69 to $40.04 (up $0.82 for the day).

Reversing the massive drop seen last week, U.S. stocks rallied today amid news of some major mergers and acquisitions, including a plan by Google to purchase Motorola Mobility and Time Warner Cable’s intention to acquire Insight Communications from the Carlyle Group. The Dow rose 213.88 points and the S&P gained 25.68 points in response, although both indexes are still lower than usual for this time of year and August looks like it could end as the worst month for the indexes since May of 2010. Art Cashin with UBS Financial Services indicated that today’s rally might also be the result of investors with misplaced optimism about Tuesday’s meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy about the euro zone debt crisis, saying, “…they might have their hopes too high [as] they’re hoping something can be worked out.” Cashin also offered a warning, stating, “What we’re seeing right now is a rebound, but if you go back to the ‘87 crash, we rebounded 6 percent the next day and 10 percent the day after that, but by December, we were headed back for another low. So you want to be very careful.”

Speaking of the euro zone debt crisis, German Chancellor Merkel is feeling the pressure from some business groups in Germany to push for an issuance of what some are referring to as “Eurobonds,” which would be bonds issued jointly by euro zone countries. Many experts are saying that such a common bond issuance would allow euro zone members to borrow at affordable rates, thereby solving the current debt crisis. However, the German government is strongly against the idea of issuing “Eurobonds,” fearing that such a move would increase borrowing costs for Germany while also reducing the incentive for troubled euro zone countries (such as Greece) to make necessary economic reforms. A spokesman for the German government insisted that there would be no discussion of such jointly issued bonds during the meeting between Chancellor Merkel and President Sarkozy tomorrow.

At 4:43 pm (CT), the APMEX precious metals spot prices were:

· Gold - $1,770.50 - Up $25.90

· Silver - $40.04 - Up $0.82

· Platinum - $1,811.50 - Up $14.80

· Palladium - $751.60 - Up $1.40

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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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