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Mid-Day Gold & Silver Market Report – 7/11/2011

OBAMA BEARS DOWN ON DEBT CEILING TALKS 

With the August 2nd deadline for the U.S. to raise the debt ceiling and avoid defaulting on the national debt steadily coming closer, President Obama said in a news conference this morning that he “will refuse to sign any short-term deficit deal.” The President indicated that he would be meeting daily with Washington lawmakers until a deal is made, but also that he is pressing for a deficit-reduction deal that includes changes to existing entitlement programs, asking, “If not now, when?” The Treasury Department has made it clear that if the debt limit is not raised by August 2nd, the country won’t have the money to pay its bills. Experts have warned that if the U.S. defaults on its debt, it could slip into another recession, jeopardize the status of the dollar as the world’s reserve currency, and have a drastic negative impact on the global economy.

In Europe today, finance officials from the European Union are meeting to discuss the options available for dealing with the Greek debt crisis, with fears that debt problems will soon spread to Italy a major concern. Angela Merkel, Chancellor of Germany, is pushing for a quick consensus on a rescue package for Greece, saying of Italy’s proposed austerity measures, “I have firm confidence that the Italian government will approve just such a budget… and, in so doing, Italy will send a signal that it feels committed to consolidation and fighting debt.” However, Mike Riddell, a fund manager with M&G in London, warns that that both Italy and Spain could be downgraded in the near future, describing the affect on global markets of such an action as “carnage.”

At 12:08 PM (CDT) the APMEX precious metals spot prices were:

  • Gold - $1,549.80 – Up $7.40 on the day.
  • Silver - $36.01 – Down $0.60.
  • Platinum - $1,728.00 – Down $5.40.
  • Palladium - $769.50 – Down $11.40.

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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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