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Morning Gold & Silver Market Report – 6/7/2011

THE U.S.DOLLAR FALLS TO A ONE-MONTH LOW – The U.S. dollar fell to a one-month low on Tuesday, (when measured against a basket of other major currencies), and it fell to a record low when measured against the Swiss franc. This recent drop came after a Chinese official said that the dollar would continue to weaken against other major currencies.

Federal Reserve Chairman Ben Bernanke is scheduled to speak today at 2:45 PM (CT). He is expected to weigh in on the recent economic data and slowing economy, but he is not expected to present a long-term view. QE2 is set to end in two weeks, so investors will be watching for any indications of what will happen once it does.

Could the financial condition of our states be even worse than originally estimated? According to Meredith Whitney, that answer would be yes. You might remember that Ms. Whitney fueled debate in a “60 Minutes” interview last December, when she forecasted 50 to 100 sizable defaults in the municipal-bond market. Whitney, a bank analyst who gained fame for predicting Citigroup Inc. 2008 dividend cut, told Fortune that the state debt problem “is a massive headwind for the U.S. economy, second only to housing.”  The debt levels for the states will be larger than projected and the future deficits will be larger than the current official numbers.

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

  • Gold price - $1,548.30 (up 60 cents)
  • Silver price - $37.46 (up 59 cents)
  • Platinum price - $1,827.80 (up $5.60)
  • Palladium price - $810.00 (up $9.30)

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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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