Morning Gold & Silver Market Report – 8/17/2011
EURO ZONE PLAN BRINGS NO RELIEF TO EQUITY MARKETS
Overseas trading was mixed last night, while U.S. Stock futures are poised to open higher. Gold prices have continued to climb since yesterday’s gains. Silver, which has not experienced the same recent gains as gold, has also trended up the past several days and is once again above $40/oz.
The highly anticipated meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel yesterday did not do enough to satisfy world investors. The growing feeling is that plans for closer monitoring of fiscal policy in the eurozone are not enough to stop the debt problem from spreading to other countries.
In the U.S., the July Producer Price Index (PPI) rose 0.2%, while core PPI, which excludes the “volatile” markets of food and energy, rose 0.4%, the largest increase since January. Higher PPI numbers point to inflation, which is yet another bad sign for the sluggish global economy.
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,788.50 – Up $1.50.
- Silver - $40.18 – Up $0.26.
- Platinum - $1,845.90 – Up $27.80.
- Palladium - $779.60 – Up $21.10.