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

OBAMA’S SPEECH HYPE “OVERDONE”

Precious metals have traded higher today off of the mid-day spot prices. U.S. stocks declined and gold traded higher after Bernanke said in his speech this afternoon that the central bank would discuss aid options when they meet this month. The next speech that investors are waiting for is President Obama’s to Congress later today regarding the jobs crisis. However, Marc Pado, U.S. Market Strategist at Cantor Fitzgerald, feels that “Obama is not expected to bring a bold new plan to Congress, so the buildup to his speech may be [overdone].”

European Central Bank President Jean-Claude Trichet announced that bank officials had cut growth expectations for the eurozone, fueling rumors that central banks will not be raising interest rates any time soon. Analysts at Commerzbank wrote in a research note, “Besides the persistent debt problems in euro-zone countries and the threat of the U.S. economy sliding into recession, interest rates are set to remain at a very low level for an extended period…In our opinion, the price of gold should therefore remain well supported and it is only a matter of time before new record highs are reached.”

Fitch Ratings announced today that there they may be a credit rating downgrade for China within the next two years as well as an even greater chance for a downgrade of Japan’s rating. Moody’s and S&P have already cut their credit ratings on Japan earlier this year. Andrew Colquhoun, Head of Asia-Pacific Sovereign Ratings at Fitch, says, “We expect a material deterioration in bank asset quality…If the problems in the banking system pan out as we expect or are even worse over the next 12 to 24 months, then that would incline us to take the rating downward…To shore ratings up at their current level we need to see a credible fiscal consolidation plan.”

 

At 4:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,874.20 – Up $54.60.
  • Silver - $42.43 – Up $0.73.
  • Platinum - $1,862.90 – Up $33.20.
  • Palladium - $758.50– Up $5.80.

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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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