Our Daily
Market Reports

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

STOCKS SNAP WINNING STREAK, INVESTORS GET GOLD FEVER – Gold is up since the mid-day commentary, and stock closed for a loss of around 1%.  The market seems jittery after hearing the announcement by leaders Sarkozy and Merkel regarding plans to deal with the EU debt crisis.

Many traders were hoping for a “Eurobond” program, a system where the European Central Bank, instead of individual countries, would sell bonds to borrow money, and those bonds would be guaranteed by every country in the Union.  While this could potentially prevent a catastrophic default by one the EU’s larger nations, the more stable countries could be left on the hook for the riskier countries’ mistakes.  Germany and France have both expressed apprehension for the plan. Frank McGhee, Head Precious Metals Trader at Integrated Brokerage Services LLC, said, “At the end of the day, it (Sarkozy-Merkel news) is going to put worries back into the market about the euro and euro zone that may have been quieting down. It's going to add additional volatility into the gold market.”

Despite the downgrade by Standard & Poor’s, interest rates on American bonds reached a new low, a sign that bond traders aren’t worried about the possibility of default.  Although the downgrade set off a series of highly volatile stock trading sessions that resulted in trillions of dollars in losses in stocks, Edward Marrinan, the Head of Macro Credit Strategy at RBS Securities in Stamford, Connecticut, said, “The market is saying S&P’s rating decision is wrong.  The Treasury bond is still seen as the ultimate risk-free security.”  Interestingly enough, S&P recently upgraded the rating for communist China.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,791.60 – Up $31.60.
  • Silver - $40.03 – Up $0.61.
  • Platinum - $1,820.10 - $22.90.
  • Palladium - $760.70 – Up $12.30.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
CONMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

AURIC