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Mid-Day Gold & Silver Market Report – 10/7/2011

CRACKS IN EURO ZONE, MARKET FEAR SLIPS THROUGH

Market prices have begun to slip since the Morning Gold & Silver Market Report. European leadership shows fractures in bank aid and is looking squarely at credit rating cuts. The jobs data was better than expected, but certainly not good enough to reverse fears of recession and place us in a growth capacity. "To me, (the payroll data) doesn't change the interest-rate environment for gold, which is still very positive, with more gains ahead. And from where we are in real interest rate terms, you should see gold returns of 30 percent year-on-year," said Deutsche Bank Analyst Michael Lewis.

Germany and France are at odds as to how to implement the euro zone’s finances to counterattack the sovereign debt issues facing the European Union (EU). France is now concerned over its top-notch rating and trying to re-capitalize its own banks. While Germany feels banks should first look to markets, then national governments and then the European Financial Stability Facility (EFSF),Yeah. France is leaning towards the EFSF as the initial support. "I hear that the French are scared that too much bank recapitalization could jeopardize the French AAA [rating] and that is why they push for the EFSF solution for French banks. I expect Merkel to stick to national funds for recapitalization," said economist Jacques Delpla, a member of the French government's advisory council of economic analysis. Spain and Italy were just downgraded by credit ratings agency Fitch. A number of other downgrades loom within the EU.

PIMCO’s Co-Chief Investment Officer, Bill Gross said the jobs gains in September are not enough to sustain growth in the U.S. He also came out and said that neither domestic political party really knows how to help the state of unemployment in our country. He said, “I don’t think Barack Obama has been very good for the economy and I don’t think Mitt Romney would be either; neither camp recognized the problem in terms of job creation … We need to … have currency revaluations, which the Republicans are opposing. We need in some cases penalties, tariffs where applicable. We need a buy-American, produce-America type of policy in order to create jobs.”

At 12:11 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,629.60 – Down $25.60.
  • Silver - $30.76 – Down $1.28.
  • Platinum - $1,487.00 – Down $21.10.
  • Palladium - $589.60 – Down $11.20.

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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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