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Mid-Day Gold & Silver Market Report – 8/30/2011

S&P “CLOSELY MONITORS” EUROPE FOR DOUBLE DIP RECESSION

Precious metals are still trading higher today, with gold and silver down slightly from this morning’s highs.  News of consumer confidence deteriorating and the Case-Shiller index declining has spurred precious metals buying.  Also contributing to higher precious metals prices are the continued rumors of quantitative easing, which would add to inflation, thanks to the comments made by Chicago Federal Reserve President Charles Evans.  Evans believes that quantitative easing is one of the only ways the U.S. will be able to lower unemployment numbers.

“Consumer confidence  deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook,” said Lynn Franco, director of The Conference Board Consumer Research Center.  Franco also stated that it fell from 59.2 in July to 44.5 in August, the lowest since April of 2009.  The U.S. isn’t the only country suffering from lack of consumer confidence as Europe released their consumer confidence numbers that showed a drop from .09 in July to a negative 2.9 in August.  Daniel Hartmann, an economist at Zug, Switzerland-based Bantleon Bank AG and what Bloomberg has called their most accurate European forecaster in their history, comments, “The risk of recession in the euro area has clearly increased as demand from Asia is flagging and governments’ efforts to cut fiscal deficits are curbing domestic consumption…I expect the indicator to decline further in the coming months.”

Standard & Poor’s wrote today that downside risks “are significant” and that they will “closely monitor” the trends in consumer demands in these next quarters.   Jean-Claude Tichet, ECB President, comments, “Looking ahead, we continue to see the euro-area economy growing at a modest pace…at the same time, not least because of the recently re-emerged tensions, in financial markets, uncertainty remains particularly high,” in Europe.

At 12:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,831.50 – up $35.80.
  • Silver - $41.37 – up $0.70.
  • Platinum - $1,849.00 – up $23.00.
  • Palladium - $777.60 – up $21.90.

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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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