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Morning Gold & Silver Market Report – 9/27/2011

STOCKS, METALS RALLY; U.S. IN MORE TROUBLE THAN EUROPE?

U.S. stock futures are signaling a continuing rally for stocks today, as investors are banking on hopes that eurozone officials will be able to get Greece back on track and rein in the sovereign debt crisis that is threatening the European region.  Gold is up sharply on the hopes as well, as a reduced liquidity push has “[taken] the pressure off the precious metals,” as James Moore of TheBullionDesk.com explains.  Gold closed yesterday at its lowest level since late July after a few days of heavy selling as big-money investors tried to make up for heavy losses they were taking in stocks.

All eyes are on Europe today as German Chancellor Angela Merkel is scheduled to meet with Greek Prime Minister George Papandrou to discuss Greece’s efforts in cutting its deficit.  The basis in the hopes that are spurring the market’s rally comes from signs that eurozone officials are finally taking action, as they are reportedly trying to recapitalize banks and bolster the European Financial Stability Facility (EFSF).  “Without a doubt the main focus is Europe and whether Greece can get back on track with its austerity plan and pass the proposed property tax through parliament and also the EU members vote on the EFSF proposed changes,” said Jordan Lambert of Spreadex Ltd.

Though all eyes may be on Europe, esteemed investor Jim Rogers believes that the U.S. has bigger problems than Europe when viewed from a different, proper perspective.  If looking at Europe like one big country, and the countries like states, his point becomes clear.  He explains: “Europe has a few bad, bankrupt states, so does America.  We’ve got Illinois, which is bigger than Greece.  We’ve got California, we’ve got New York, you know those are pretty big states that have serious economic problems … Europe’s got some bad problems but the entity as a whole is not nearly as deep in debt as the U.S.”

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,659.20 – Up $63.50.
  • Silver - $32.73 – Up $2.72.
  • Platinum - $1,576.90 – Up $27.00.
  • Palladium - $651.60 – Up $22.30.

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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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