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Mid-Day Gold & Silver Market Report – 4/11/2011

PIMCO BETTING AGAINST US GOVERNMENT DEBT

Pimco, the world’s largest bond fund, began betting against the government debt last month, by selling all of the fund’s holdings in US government-related debt holdings. Bill Gross, Co-Chief Investment Officer, believes there will be a lack of buyers for US Treasuries, once QE2 has run its course. Pimco expects that an easy monetary policy, combined with a budget deficit will fuel inflation and continue to de-value the dollar.

THE IMF (International Monetary Fund) lowered their economic forecasts for the US and Japan. In both cases the IMF is concerned about deficit reduction strategies and rising commodity prices. Of course, Japan also has the after effects of earth quakes and tsunamis to deal with. “U.S. forecasters became overly optimistic in the latter part of last year,” John Greenwood, chief economist at Invesco Ltd. in London, said in a telephone interview. He further went on to say that they forecasting community needs to pay more attention to the long term effect of government and private debt.

At 12 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,468.10 (down $6.00)
  • Silver price - $40.83 (up 15 cents
  • Platinum price - $1,793.80  (down$17.30)
  • Palladium price - $788.40 (down $6.80)

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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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