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Morning Gold & Silver Market Report – 8/16/2011

WEAK ECONOMIC DATA OUT OF GERMANY SENDS GOLD PRICES SOARING

In overnight trading activity, gold and silver prices have risen sharply on reports of slow Gross Domestic Product (GDP) growth out of Germany. Slower than expected growth out of Germany is viewed as another indicator of a slowing global economy. Investor appetite for risk has abated, as equity markets are down worldwide and U.S. stock market futures are off by triple digits.

Germany’s GDP numbers for April – June was expected to see a growth of 0.5%, but the numbers came in at 0.1%. This data showed that Germany had grown even slower than Spain, which came in at 0.2%. "The global slowdown is gradually reaching Germany," said Andreas Scheuerle, economist at Dekabank.

French President Sarkozy and German Chancellor Merkel began meetings at 7AM (CT) today. These are high-pressured discussions that aim to shore up investor confidence in the euro zone. These two leaders need to demonstrate to the financial markets they are in agreement on to fix European debt problems. At stake is the potential unraveling of the entire European Union.

According to a new report from HSBC, the recent volatility we have seen in the equity markets will likely ramp up in September, sending markets back to “Lehman levels” of stress. Stacy Williams, HSBC Director of Quantitative FX Strategy commented, “For several months the market has been significantly overestimating the strength of US economic activity. Whilst it may not have felt like a period of runaway euphoria, the level of pessimism was clearly not high enough.”

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

  • Gold - $1,783.70 – Up $23.70.
  • Silver - $39.87 – Up $0.46.
  • Platinum - $1,819.70 – Up $22.50.
  • Palladium - $749.90 – Up $1.50.

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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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