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Mid-Day Gold & Silver Market Report – 8/29/2011

STOCKS UP AGAIN ON STRONG ECONOMIC DATA, GOLD HOLDS RELATIVELY STEADY

Gold has turned lower but only lost modest ground in morning trading. Losses were pared mostly due to some demand as a safe haven, although many investors are feeling more confident in riskier markets, pushing stocks up strongly.

Consumer spending, regarded by many as the main driver of U.S. economic activity, increased 0.8% in July, after slipping slightly in June.  This data is good news for many investors, as it helped push stock prices substantially higher.  It also shows that the U.S. may not be quite as close to recession as was feared a few weeks ago.  Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania said, "It's a little far-fetched to truly believe that we are headed into another recession. This data doesn't support that view at all.”

Damage left by Hurricane Irene appears to have largely been more mild than originally anticipated, and business has resumed in most of the New York City area.  However, flooding remains a problem in surrounding areas which received massive rainfall.  It seems the worst-case scenario was avoided.

At 2PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,1787.60 – down $11.90
  • Silver price - $40.80 – down $0.28
  • Platinum price - $1,827600 – down $0.30
  • Palladium price - $757.40 – down $0.70

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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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