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Mid-Day Gold & Silver Market Report – 8/23/2011

Precious Metals Retreat as the Stock Market Advances – The morning trading hours see gold, silver, platinum and palladium are all giving back a portion of their recent gains. The most likely scenario is that with the rapid rise of the past two weeks, some investors have decided to lock in gains. A short term correction is not unusual, when prices have moved up as quickly as they have this month. There will be investors waiting on the sideline to purchase on the dips.

The stock market is up triple digits in morning trading, as it resumes its pattern of high volatility. This increase is caused impart by speculation of what Fed Chairman Bernanke will announce after the Fed meeting on Friday. The market rally is on the expectation there will be a QE3. Other news supporting the positive start is that list of “problem banks” has declined for the first time since 2006.

Former Fed Chairman Alan Greenspan said today, “The euro is breaking down and the process of its breaking down is creating very considerable difficulties in the European banking system.” Deterioration of the euro could lead to even more slowing of the U.S. economy. On August 7, while appearing on “Meet the Press,” Greenspan commented that the chance of the U.S. experiencing a double-dip depression depended on Europe and not the United States.

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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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