Morning Gold & Silver Market Report – 9/16/2011
GEITHNER WARNS OF DAMAGING ‘LOOSE TALK’
In overnight trading, gold was mostly down before turning to gains this morning. European and Asian stocks were up, but U.S. stock futures on Wall Street (APMEX’s new home) are looking to open sharply down as a meeting of European finance ministers is underway in Poland. U.S. Treasury Secretary Timothy Geithner is speaking at the meeting, and has urged eurozone leaders to be unified in their tackling of the debt crisis. Geithner also warned that loose talk of breaking up the euro should be avoided.
The situation in Libya has been pushed off the front page in favor of financial news lately, but that doesn’t mean it’s over. The resistance now seems to be fully in control of the situation, though there are still patches of pro-Gaddafi forces still trying to throw a wrench in the revolution. These supporters of the old regime are the very definition of diehard, as they refuse to submit. The National Transitional Council (the new leaders in Libya) are sending forces to find these diehards in an effort to put an end to the violence that some say has killed over 50,000 people.
The relationship between gold and platinum prices has been an interesting one over the past few years, writes Myra Saefong of Marketwatch. About five years ago, platinum cost twice as much as gold. Shortly after the Lehman Brothers collapse in 2008, gold prices leaped over platinum prices for the first time. Since then, there has been a significant divide between the two prices, but not as distant. Shortly after the downgrade of the U.S. credit rating, gold surpassed platinum again (with platinum taking the lead late yesterday once more), and Saefong writes that it may mean more change is in store for the precious metals industry.
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,788.50 – Up $8.60.
- Silver - $40.17 – Up $0.65.
- Platinum - $1,805.60 – Up $22.00.
- Palladium - $737.10 – Up $9.70.