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Morning Gold & Silver Market Report – 9/22/2011

GLOBAL SLOWDOWN BRINGS STOCKS AND METALS DOWN

In overnight trading, precious metals steadily declined due to a strong U.S. dollar until early this morning, when they dropped sharply.  This is likely due to investors bracing for impact, as U.S. stock futures are pointing to a sharply lower open for Wall Street.  The economic outlook, not only in the U.S., but globally, is bleak at best.  Weekly jobless claims fell this week in the U.S., however the number is still higher than expected.  China, one of the keys to global economic growth, had some bad news in the form of a manufacturing index showing signs of a slowdown.

Signs of a slowdown were not just limited to China.  Germany saw business activity growing at the weakest pace since 2009.  Of course, this is yet another layer to the problems coming out of Europe.  Greece is currently the most highly-publicized problem country in Europe, and some are now beginning to wonder whether the austerity measures will be accepted not only in the short-term, but long-term as well.  As strategists from Societe Generale wrote, “As ever, the question is, will these [austerity] measures be implemented and maintained by the current government and the governments to come?”  Year-to-date, European stocks have seen a 21% drop.

The stronger dollar in the U.S. is obviously not translating to stock market happiness.  Former hedge-fund manager George Soros was asked recently if the U.S. was at risk of a double-dip recession.  His answer: “I think we are in it already … It is a more dangerous situation [than Lehman Bros] and I think that the authorities, when push comes to shove, will do whatever it takes to hold the system together, because the alternative is just too terrible to contemplate.”

At 8:05 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,737.10 – Down $69.90.
  • Silver - $37.12 – Down $3.37.
  • Platinum - $1,728.90 – Down $62.30.
  • Palladium - $656.30 – Down $57.60.

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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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