Morning Gold & Silver Market Report – 8/24/2011
STOCKS REBOUND ON NEWS OF JULY’S DURABLE GOODS ORDERS
Precious metals are down slightly in early morning trading from yesterday’s close trading due to profit taking. News that July’s durable goods orders beat expectations coming in at 4% has stocks rebounding from early morning lows to trade even this morning.
Some feel Germany is showing the first signs of a struggle as they carry the load for the eurozone debt crisis, and news of even more change in the bailout package for Greece has continued to fuel fears. Moody’s Investor Service has cut Japan’s credit ratings from Aa3 to Aa2 with a stable outlook. Bernard Sin, Head of Currency and Metal Trading at bullion refiner MKS Finance SA in Geneva comments on the retreat of gold prices to say “We’ve seen a bit of bargain-hunting and people are happy to buy [after the drop]. People are still very concerned. One of the only avenues still open is gold.”
The markets continue to anticipate a QE3 announcement from Bernanke at this Friday’s Jackson Hole meeting and a statement from the Group of Seven (consisting of finance ministers and central bank governors) made earlier this month to add to this anticipation, stating they were “committed to taking all necessary measures to support financial stability and growth.”
At 8:08AM (CT) the APMEX precious metal prices were:
- Gold price - $1,840.40- down $22.90.
- Silver price - $41.55 – down $0.85.
- Platinum price - $1,869.60 – down $11.50.
- Palladium price - $760.80 – down $5.50.