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Morning Gold & Silver Market Report – 9/21/2011

ALL EYES ON FOMC; BULLION VAULTS FULL

In overnight trading, gold prices rose before falling to the current level on a stronger dollar.  U.S. stock futures are pointing to a positive open this morning for Wall Street, thanks to optimism that positive news for the market will emerge from the Federal Open Market Committee (FOMC) meeting later today.  As per usual when the FOMC meets, all eyes are on the Federal Reserve and the potential action that will be taken to support the slipping economy.  Kathy Lien of GFT said, “The reason why the market is so dead-set on more stimulus is because the recovery in the U.S. has come to a screeching halt and everyone, including the Fed, agrees that the economy desperately needs help.”

Greek policymakers are set to outline layoffs of public-sector workers, among other austerity measures, in order to secure a loan which will keep them from running out of money next month.  The Greek public has not taken well to austerity measures so far, and this latest round is also set to include pension and wage cuts for civil servants, tax hikes on heating fuel, and an extension of a property tax.

Swiss Precious Metals, Barclays Capital, The Brink’s Co., Duetsche Bank, and the Perth Mint are all planning to expand or considering an expansion, as physical space in bullion vaults is filling up.  In the case of Swiss Precious Metals, the European debt crisis is one factor that has caused a 500% increase in demand in the past year.

At 8:04 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,802.00 – Down $5.60.
  • Silver - $40.41 – Up $0.26.
  • Platinum - $1,785.00 – Up $0.10.
  • Palladium - $720.50 – Up $1.70.

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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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