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Closing Gold & Silver Market Report – 9/7/2011

OIL PRICES RISE; TRADERS SPECULATE THAT MORE STIMULUS SPENDING IS ON THE HORIZON

Gold has stabilized somewhat since dropping considerably in early trading.  Change since the Mid-Day Commentary is down $4.40, which represents a change of 0.2%. 

Oil prices have risen on fears of a weather system off the coast of Mexico strengthening and affecting supply of crude along the Gulf Coast of the United States, one of the largest petroleum-refining regions in the U.S.  Traders are also speculating that Tropical Storm Lee may have hurt supplies of oil last week, as well.  While the Department of Energy has yet to release official data showing the drawdown of stockpiles, it is also estimated the storm shut down 36.9% of the Gulf’s oil production.  Sustained high oil prices can have a negative effect on economic activity as it becomes more expensive for producers to move their goods to market.

Details of President Obama’s speech planned for tomorrow night, in which he will lay out a plan to combat the nation’s stubborn 9.1% unemployment rate, are starting to come to light.  The new stimulus is expected to amount to something above $300 billion.  This will be spent through subsidies, unemployment benefits, and tax breaks. 

Charles Evans, President of the Chicago Federal Reserve, made comments today that he supports additional stimulus spending.  Unlike earlier programs where the Fed purchased bonds from the U.S. Treasury with money that it basically created, the new stimulus spending is expected to be in the form of a complex swap of treasury bills of different timeframes.  The government is expected to sell lower-interest, short-term debt to finance the buyback of long-term, high-interest bonds.  This, analysts say, would flatten the yield curve, reducing long-term borrowing costs for consumers and businesses.

At 4:14 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,821.80 – Down $53.50.
  • Silver - $41.68 – Down $0.26.
  • Platinum - $1,824.50 – Down $34.70.
  • Palladium - $752.00 – Up $2.50.

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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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