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Mid-Day Gold & Silver Market Report – 10/4/2011

BERNANKE SPEAKS BEFORE CONGRESS, PRECIOUS METALS DROP

Since the Morning Gold & Silver Market Report, Federal Reserve Chairman Ben Bernanke spoke to Congress, making a number of points. Recently, when Bernanke talks, markets and precious metals have moved one way or another, and true to form, that held up this morning. The main issue leading to the drop in prices was the intended support from the Fed to help allay economic recovery concerns. “The recovery from the crisis has been much less robust than we had hoped,” Bernanke said.

The overall economic recovery is “close to faltering” according to Bernanke. The issues that we, as a country, have been facing continue to be issues that can stall the economic recovery. Unemployment, lack of confidence and the European debt crisis are the key contributing components. "The (Fed's policy-setting Open Market) Committee will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in the context of price stability," Bernanke told the Joint Economic Committee of Congress.” This news and support from the Fed led to an increase in stocks, and gold showed its negative correlation to the stock markets by falling.

The uncertainty surrounding Greek debt repayment is again at the forefront. European Finance Ministers are putting banks more on the hook, in terms of potential losses they could incur and have postponed the next tranche payment for Greece until mid-November. Greek officials believe they will hit their target schedule until that time and officials are trying to curb the default talk. "If they are having problems getting the sixth tranche of funding, what's going to happen to the seventh tranche of funding in three months' time? The situation is going to be even worse then. So Greece is on the brink," said Nick Stamenkovic, Bond Strategist at RIA Capital Markets.

At 12:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,625.80 – Down $33.90.
  • Silver - $30.07 – Down $0.78.
  • Platinum - $1,473.20 – Down $43.90.
  • Palladium - $564.00 – Down $31.80.

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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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