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Morning Gold & Silver Market Report – 9/8/2011

EUROPE’S DEBT CRISIS ACCUMULATES, CONFIDENCE TUMBLING

Since the Closing Gold & Silver Market Report yesterday afternoon, precious metals are on the rise. After yesterday’s profit-taking, investors are getting back into the gold market. Also supporting precious metals prices are additional fears of a European recession, sparked by the European Central Bank keeping interest rates at 1.5%.

ECB officials met earlier today in Frankfurt and came to a collective decision to keep the interest rate at its current rate after two increases earlier this year. The spread of the debt crisis is doing a lot to usurp confidence in banks, which is leading to higher borrowing costs. According to Nouriel Roubini, co-founder and Chairman of Roubini Global Economics LLC, “The ECB made its biggest mistake in its history hiking rates this year…They’ve created more sovereign debt problems. They’ve created more banking problems.”

There is not a lot expected of Federal Reserve Chairman Ben Bernanke’s speech later today. It is expected of him to point out the flagging economic conditions, but there is no expectation in place at this time for any outline or firm wording on another round of quantitative easing. He will probably mention President Obama’s jobs initiative, but it’s more likely it will be behind closed doors that he does most of his work. The biggest issue is that even within the Federal Reserve there are differing views as to what the economy needs to pull itself out of its current economic condition.

Just released data suggests that there is continued stagnation in U.S. economic conditions as unemployment benefits increased 2,000 to 414,000. This is good news in that companies are not laying off, but bad news in that those applications need to drop below 375,000 to indicate sustainable job growth.

At 8:06 AM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,865.40 – Up $45.80.
  • Silver - $42.59 – Up $0.89.
  • Platinum - $1,854.10 – Up $24.40.
  • Palladium - $764.00 – Up $11.30.

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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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