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Morning Gold & Silver Market Report – 10/4/2011

CHINA WARNS OF TRADE WAR; BERNANKE SPEAKS TODAY

After a volatile night, gold is trading slightly lower, thanks to traders selling gold (their insurance policy) to cover short positions and margin calls.  U.S. stock futures are also down.  Greece is the main issue yet again, as eurozone leaders voted to delay a decision on whether to lend the country more aid.  This news pushed gold as high as $1,673 overnight, as investors move to safe haven assets in this time of uncertainty. Ong Yi Ling of Phillip Futures says that the recent sell-off in gold has pushed out some speculative buying.  Ling added, “The long-term uptrend for gold remains intact and we remain bullish.  Gold could climb to about $2,000 an ounce in 2012.  Safe haven bids could slowly return as prices stabilize.”

A Joint Economic Committee meeting is scheduled this morning, so all eyes will be on Federal Reserve Chairman Ben Bernanke.  Bernanke is expected to face questions on the effectiveness of Operation Twist, announced last week, during his testimony.  This is in addition to the normal questions regarding the sluggish economic recovery and domestic bank exposure to the eurozone debt crisis.

China is again warning the U.S. that a trade war could be the result of a proposed bill that would allow China’s currency to rise.  Similar comments were made last year, but the bill did not pass the Senate.  Of course, if it passes both sides of Congress, President Obama would be faced with the difficult decision of risking a trade war with China or taking the more diplomatic approach and vetoing the bill.  Chinese foreign ministry spokesman Ma Zhaoxu said, “The yuan bill passed by the U.S. senate will not solve its problems, such as insufficient savings, high trade deficit and high unemployment rate, but it may seriously affect the whole progress of China’s reform of its yuan exchange rate regime and may also lead to a trade war which we would not like to see.”

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

  • Gold - $1,652.60 – Down $7.10.
  • Silver - $30.32 – Down $0.53.
  • Platinum - $1,484.40 – Down $30.90.
  • Palladium - $590.10 – Down $5.60.

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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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