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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.

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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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