Closing Gold & Silver Market Report – 9/19/2011

STOCKS PARE LOSSES AFTER GREEK CONFERENCE CALL; OBAMA UNVEILS DEFICIT PLAN

Between the Mid-Day Gold & Silver Report and the posting of this report, precious metals prices have continued to slide, ending the day at a three-week low as investors cashed in their gold. Brien Lundin, editor of Gold Newsletter, called the actions in today’s session “reflective of a ‘risk off’ day,” adding, “Greece is back in the headlines, and the market is beginning to accept the inevitability of a default, which has prompted speculators to close positions and run for safety.”

After renewed fears earlier in the day over a Greek default, news about a “productive and substantive” conference call between international regulators and Greece’s Finance Ministry helped pare down losses in U.S. stocks this afternoon. Earlier in the day, the S&P 500 was down by 2.3%, but that narrowed to 1% by the 4:00pm market closing. Details on the conference call were vague, although Greece did say that officials on the call discussed the country’s eligibility for next month’s scheduled aid payment, as well as whether Greece is on the correct path for a second rescue package. According to Greek officials, there will be another conference call tomorrow to discuss the matter.

The $3 trillion deficit plan devised by President Obama was unveiled today, featuring a heavy emphasis on increased tax revenues from the wealthy. In remarks made today, the President stated, “"I will not support any plan that puts all the burden on closing our deficit on ordinary Americans. We are not going to have a one-sided deal that hurts the folks who are most vulnerable." The President’s comments referred to the idea, often repeated during today’s remarks, that all Americans should pay a “fair share” of taxes, as well as his vow to veto any Medicare cuts unless Congress raises taxes on the wealthy and corporations. Republican leaders were dismissive of the President’s plan, deriding it as a political stunt that is unlikely to ever be made into law. In response to the plan, Mitch McConnell, Republican Senate leader, stated, “Veto threats, a massive tax hike, phantom savings, and punting on entitlement reform is not a recipe for economic or job growth,” while Potomac Research Group’s chief political strategist Greg Valliere said, "This is purely politics, aimed at Obama's demoralized base. It undoubtedly has been poll-tested, so now Obama has a populist campaign issue. There's obviously no chance this could pass (on a vote in Congress)."

At 4:15 PM (CT), the APMEX precious metals spot prices were:

· Gold - $1,779.50 - Down $33.70

· Silver - $39.73 - Down $1.12

· Platinum - $1,778.00 – Down $38.90

· Palladium - $719.00 - Down $17.90

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 4:01:33 PM EST

Metal Bid Ask Change
Gold $1,285.00 $1,287.00 $3.90
Silver $19.38 $19.48 $0.07
Platinum $1,395.50 $1,405.50 $5.20
Palladium $782.80 $787.80 $3.10
4/23/2014 4:01:33 PM EST

Click here for Historical Charts*All Charts are in USD


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