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Morning Gold & Silver Market Report – 4/7/2011

ECB RAISES INTEREST RATES – PORTUGAL TO REQUEST A BAILOUT?

As widely expected, the European Central Bank raised interest rates 25 basis points to 1.25%. This was the first rate hike since July 2008 and is a measure to curb inflation in the 17-country euro zone. There is debate as to whether the struggling euro economies can continue to recover in this environment especially when Greece, Ireland and Poland are requiring bailouts. ECB President Trichet will hold a press conference later today and investors will be paying close attention to his forward looking statements.

As much as Portugal has postured against a bailout, reports are now saying that they will make a formal request before June. The European Commission expects a bailout request soon, so that a deal can be consummated before the election of the new government. Portugal will have to accept tough austerity measures in order to receive aid. Their former Prime Minister resigned just weeks ago, when his austerity measures were voted down.

US jobless claims fell 10,000 to 382,000. This data suggests that the job market is slowly improving.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,459.00 (up 50 cents)
  • Silver price - $39.52 (up 6 cents)
  • Platinum price  - $1,784.60 (down $12.20)
  • Palladium price - $779.00 - ($6.60)

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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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