Closing Gold & Silver Market Report – 9/13/2011
STOCKS SURGE LATE AGAIN; ‘BRICS’ TO BUY EURO DEBT?
Much like yesterday, stocks surged late to close in the black after spending most of the day in the red. Gold and platinum added to gains this afternoon, while silver and palladium have remained relatively flat. Jeffrey Christian of CPM Group said that investors thought yesterday’s dip in gold prices were “overdone,” bringing them back today. He also attributed a weaker dollar to supporting gold prices.
Arthur Hogan of Lazard Capital Markets brought this take on the most recent economic turmoil in the eurozone: “Right now you have to think about Greece as a binary event, like a biotech company in phase three development, they are either going to make it or they are not, and it’s up to Germany.” German Chancellor Angela Merkel is optimistic that leaders in the eurozone will be able to quell Finland’s objections to aid for Greece.
Markets experienced a boost late yesterday afternoon when a report showed that China was considering purchasing Italian debt before the report was debunked. A Brazilian official explains that while this may not be completely true, it’s also not completely false. In fact, the BRICS countries (Brazil, Russia, India, China, and South Africa) are all considering an increase in their exposure to eurozone bonds, but the talks are still in a preliminary stage. This could provide some relief to the troubled markets both in Europe and the U.S.
At 4:00 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,839.50 – Up $24.20.
- Silver - $41.15 – Up $0.86.
- Platinum - $1,818.00 – Up $7.60.
- Palladium - $728.00 – Up $16.60.