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Mid-Day Gold & Silver Market Report – 9/1/2011

DATA BOOSTS CONFIDENCE, GREECE STILL JEOPARDIZED

Since the Morning Gold & Silver Market Report, precious metals have generally stayed the course. Gold has slipped a little based on hope of another round of quantitative easing, as well as the better-than-expected manufacturing and jobs data.

This morning most analysts had predicted a drop below 50 on the Institute for Supply Management (ISM), but were pleased to see the reading still above 50. This does not mean recession fears will suddenly dissipate, but it is definitely more confidence-inducing to see a projected drop in jobless claims and better-than-expected manufacturing data. According to John Silvia, Chief Economist at Wells Fargo in Charlotte, NC, "The net result is a slowdown, disappointing growth for the third quarter but not a recession."

Any European rescue is facing some serious political issues. To put it into perspective, the United States has (for the most part) a two-party system. The euro zone has 17 different governments to account for. Finland has stepped out and wants to protect itself in any deal; others will most surely follow. The fund for protection is called the European Financial Stability Facility (EFSF). There are still hurdles in place that threaten the Greek bailout, especially the demands for collateral from some of the other governments in the euro zone. “The final construct just looks so far away now, it’s eroding the fund’s effectiveness when it finally gets up and running,” said Julian Callow, Chief European Economist at Barclays Capital in London. “The political squabbling is doing it a great disservice.”

At 12:07 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,830.30 – down $3.20.
  • Silver - $41.73 – down $0.11.
  • Platinum - $1,854.20 – down $3.00.
  • Palladium - $790.00 – down $0.50.

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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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