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Mid-Day Gold & Silver Market Report – 9/16/2011

EUROPE REBUFFS GEITHNER, PAYROLL DATA AROUSES CONCERNS

Trading this morning has been relatively brisk based largely on concerns emanating from U.S. Treasury Secretary Timothy Geithner’s advice being relatively ignored by European Union (EU) financial ministers and payroll data causing at-home economic concerns to grow. Since the Morning Gold & Silver Market Report, precious metals have risen on the re-establishment of safe-haven demand.

Geithner attended the meeting with EU financial ministers after attending last week’s G-7 Conference as well. However, his reception has been chilly at best. Austrian Finance Minister, Maria Fekter, said, "He conveyed dramatically that we need to commit money to avoid bringing the system into difficulty…I found it peculiar that even though the Americans have significantly worse fundamental data than the euro zone, that they tell us what we should do and when we make a suggestion ... that they say no straight away." Jean-Claude Juncker, the Chairman of the Eurogroup, basically came out saying that they would not discuss their currency issues within the eurozone with someone from outside the currency bloc. He told reporters, "We are not discussing the expansion or increase of the EFSF with a non-member of the euro area.”

The news on jobs is relatively disappointing as well. Payrolls fell in 30 U.S. states. The issue is that jobs are not being created to spur income growth. With income growth confidence and consumer spending would increase and the country might see some economic growth. “Consumers and businesses have turned very cautious,” John Herrmann, a Senior Fixed-Income Strategist at State Street Global Markets in Boston, said. “The recent spate of layoff announcements suggests that there could be deeper cuts to payrolls toward year-end, impacting holiday spending.”

At 12:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,816.40 – Up $36.50.
  • Silver - $40.91 – Up $1.39.
  • Platinum - $1,817.00 – Up $33.40.
  • Palladium - $737.20 – Up $9.70.

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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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