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

UNEASINESS IN EUROZONE BUOYS GOLD

Precious metals have remained relatively flat this afternoon, while stocks tumbled along with the euro.  The dollar strengthened throughout the day, but its normal negative correlation to gold didn’t force the yellow metal down.  This is likely thanks to the uneasiness in the eurozone.  As James Dunigan, CIO of PNC Wealth Management, explains, “There’s that nagging thought that we can continue to have a downward spiral in Europe.  There’s concern of a default, of risk in banks, of a liquidity crisis.  In the U.S., even as President Obama made an effort to put that [jobs] plan together, there’s not a whole lot of confidence that Congress will pass.”

President Obama began a campaign to promote his jobs proposal, and said that he expects Congress to pass it next week.  Harm Bandholz of UniCredit said regarding the proposal, “There is at least a chance that Congress will approve the bill.”  Later this month, Obama is expected to outline steps towards cutting $2 trillion over the next ten years, including tweaks to Medicare and Medicaid, Social Security, tax cuts, and spending cuts.

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

  • Gold - $1,860.20 – Up $0.70.
  • Silver - $41.59 – Down $1.01.
  • Platinum - $1,837.80 – Down $17.70.
  • Palladium - $739.20 – Down $26.10.

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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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