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Mid-Day Gold & Silver Market Report – 8/31/2011

S&P GIVES SUBPRIME LOANS HIGHER RATING THAN U.S.

Precious metals are trading higher since early morning trading despite the rise in the stock markets.  The better-than-expected numbers of the Chicago PMI and factory orders seem to have restored some faith and quelled consumer fears of a double-dip recession.  Even Europe’s markets closed much higher today. 

Historically, gold moves with a negative correlation to stock markets, however the global financial crises still exist and consumers have not forgotten the safe haven of gold.  Adrian Ash, head of research for BullionVault, commented on the safe haven of gold, “Gold isn’t the perfect safe haven but it’s the best one you are going to get.”  Ash addressed the skeptics of gold who drew back after last week’s pullback in prices, “…gold is still a safe haven… [but] it doesn’t mean it goes up every day.”

One of the main contributors to the housing crash of 2008 was ratings companies giving high ratings to subprime mortgages, creating a false sense of safety.  Now S&P has rated subprime mortgages higher than the U.S. rating.  In a phone interview on Aug. 24, Gregory W. Smith, general counsel for the $41 billion Public Employee’s Retirement Association of Colorado, said, “Everybody has been led to believe…that AAA means AAA means AAA across the board…anybody that didn’t learn in 2008 that doesn’t apply should find another line of work.”

An interesting tid-bit coming out of Europe was that just recently an article was written in the Greek newspaper, Eleftherotypia, that earlier in the year Greece held a conference to consider leaving the euro.

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

  • Gold - $1,839.40 – up $7.60.
  • Silver - $41.94 – up $0.41.
  • Platinum - $1,859.00 – down $4.90.
  • Palladium - $791.60 – up $12.30.

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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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