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Morning Gold & Silver Market Report – 7/26/2011

OBAMA, GOP STILL FAR OFF ON DEBT CEILING DEAL

Last night’s televised speech by President Obama clearly showed that the two sides are still no closer to an agreement that would allow the U.S. to raise the debt ceiling in order to avoid what most analysts describe as a devastating default. "For the first time in history, our country's triple-A credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet," he said in remarks late Monday. Obama was quite critical of the Republicans’ unwillingness to compromise, but he made it clear that he expects a compromise package on his desk in the next couple of days.

In his rebuttal, House Speaker John Boehner pointed the criticism right back on the President and Democratic Party. He categorized the Democratic plan as full of gimmicks. There is still the expectation that an agreement will be reached, albeit a short-term one. The concern is that the credit rating agencies may still downgrade the U.S. credit rating if they see no significant steps taken to reduce long-term debt.

CNBC contributor and esteemed commodity trader Dennis Gartman is not bullish on all commodities, but he is bullish on gold. He sees a bearish trend for corn and oil prices to stabilize, but he says that gold is the place to put your money in hard assets. Mr. Gartman says that the European Central banks will have no choice but to adopt the expansive monetary policies of QE2, and that policy will be good for gold.

Speaking of the European debt crisis, U.S. money market funds are greatly reducing their exposure to European banks. Many holders of U.S. money market accounts did not know their funds had risk exposure to the European debt crisis, but historically, these funds were important sources of short-term financing to European banks. As money markets reduce their exposure it will only put more pressure on the European banking system to find funds.

At 8:30 am (CT) the APMEX precious metals spot prices were:

  • Gold – $1612.50 - Down $0.70.
  • Silver – $40.44 - Up $0.02.
  • Platinum – $1792.00 – Down $2.00.
  • Palladium - $814.70 – Up $3.70.

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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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