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Morning Gold & Silver Market Report – 6/6/2011

HAS EUROPE EXPERIENCED THEIR FINANCIAL CRISIS YET? - According to Jim McCaughan, CEO of Principal Global Investors, The US might be recovering from their financial collapse of 2008, but Europe has not seen theirs yet. “Europe's debt crisis appears to be entering a more dangerous phase. If the EU and ECB continue pretending this is a liquidity crisis, they run the risk of allowing inadequate fiscal adjustment, particularly in Greece,” said McCaughan in an interview with CNBC on Monday.

The week will be slow on new economic reports, so there will be a great deal of attention paid to what is happening with the euro and the European Union. In Portugal, Prime Minister Jose Socrates was soundly defeated in weekend elections by the opposition party, led by Pedro Passos Coelho. Portugal’s parliament had already blocked austerity measures proposed by Prime Minister Socrates for being too severe, so now we will have a new party to lead Portugal through a difficult couple of years.

Gold and silver prices remained firm over the weekend, supported by last week’s poor economic data, a weak jobs report and a declining US dollar.  During May, US employers hired the fewest numbers of workers in eight months. The economic news on a world scale has not been much better. It appears that the world economy is heading for several months of weak growth with no clear indicators of when a rebound might occur. Economists differ on whether the world economy has just stalled, or might be heading down.

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

  • Gold price - $1,542.60 (down 30 cents)
  • Silver price - $36.76 (up 48 cents)
  • Platinum price - $1,821.30 (down $3.40)
  • Palladium price - $791.30 (up $3.90)

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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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