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Morning Gold & Silver Market Report – 8/18/2011

Stocks Plunge Overnight - Gold is Surging -World equity markets are plunging overnight and the European banks are the cause for concern. Major Banks across the euro zone are sharply lower, as the news broke that the European Central Bank lent $500 million Euros to a euro zone bank, that had not requested a loan since last February. Although no details were offered, the market reads this as another sign of escalating difficulties in the European financial system, which could also affect U.S. banks.

The U.S. stock futures are also down sharply this morning, as a result of the concerns coming out of Europe. Investors are once again moving to assets like gold, which has crossed the $1800 mark. As if another dark cloud was needed, Morgan Stanley cut its 2011 and 2012 global growth forecast and stated, “we are dangerously close to a recession.”

This morning’s job’s report will not calm the equity markets. The jobless claims were up 9000 to 408,000 for the week ending August 13th. This was higher than the projected rise to 400,000 as expected by economists polled by Bloomberg News. “Indicators suggest a deterioration in overall labor market conditions in recent months,” the Federal Open Market Committee said in a statement on Aug. 9 after its meeting.

The Consumer Price Index (CPI) also came out with disappointing news this morning. It rose 0.5% in July, which was the largest gain since March. Economists polled by Reuters had expected a 0.2% gain. This will only ignite concerns about the probability of inflation and is likely a factor in today’s spike in gold prices.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,822.00 – up $26.20
  • Silver price - $40.79 – up 33 cents
  • Platinum price - $1,841.00 – up 20 cents
  • Palladium price - $767.00 – down $10.90

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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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