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

GOLD AS AN INSURANCE

Precious metals are trading higher today on continued news of the U.S. coming ever closer to the debt ceiling while there is still no deal in sight.  News that also helped push the metals today is that of the Portugal credit downgrade, reviving fears of a eurozone debt contagion.  George Gero, the precious metals strategist at RBC Capital Markets wrote in an email, “Gold continues to be the other haven as buyers from international funds added to positions after [the] Portugal downgrade.  Upcoming debt ceiling negotiations, continued Middle East strife and next Friday’s figures as well as the euro and dollar fluctuations are bringing more interest to gold.”

Historically, people buy precious metals as a hedge against inflation as well as an insurance policy against great losses in other portions of their portfolio or lives.  If this is the case, then why is Greece, in the middle of their second bailout, not cashing in their gold for cash?  Greece holds at least 114 tons of gold which would cut out a large piece of their debt.   Portugal also holds a considerable amount of gold.  Up until 2007 these countries were net sellers of gold, while now they are net buyers of gold.  Even during the midst of the debt chaos, they are still hoarding their gold.  Why is this?

At 4:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,530.40 – Up $16.70 on the day.
  • Silver - $35.96 – Up $0.49.
  • Platinum - $1,729.20 – Down $12.90.
  • Palladium - $768.50 – Down $9.10.

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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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