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

OBAMA’S SPEECH DRAWS MIXED REVIEWS; INVESTORS WANT ACTION, NOT WORDS

Precious metals were mixed in overnight trading, as they saw a bump before heading lower to where they are now.  U.S. stock futures are also down, signaling a negative start for Wall Street trading this morning.  All eyes were on President Barack Obama last night as he proposed the “American Jobs Act” in front of Congress.  Estimated costs for this proposal exceeded expectations at $440 billion.  While it sounds bold, strategists at KBC Bank in Brussels wrote, “Obama’s stimulus plan … could, if enacted, push expected 2012 growth up, but doubts remain on the attitude of the Republican House.”

While Obama is pushing for action stateside, the Group of Seven nations (G-7) are meeting in France for the first time since the promise was made to act to calm financial markets in Europe.  Constance Hunter of Aladdin Capital Management LLP said of another global recession, “Europe’s fingerprints [will be] on it.”  Hunter continued, “Europe is the real risk.”  Niall Ferguson, a professor at Harvard University, said recently, “The possibility of a European Lehman Brothers should keep us all awake at night … [Today’s conditions] remind one of the fall of 2008.”

The Managing Director of the International Monetary Fund, Christine Lagarde, said this morning that “a dangerous new phase” is upon the global economy.  She called for governments to “act now” to stop contagion from spreading, and said, “Policymakers should stand ready, as needed, to take more action to support the recovery, including through unconventional measures.”

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,848.60 – Down $10.90.
  • Silver - $41.84 – Down $0.77.
  • Platinum - $1,842.80 – Down $12.70.
  • Palladium - $748.90 – Down $16.40.

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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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