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

GOLD RISES FOR THIRD STRAIGHT DAY AS STALEMATE CONTINUES

In the continuing trend of reporters having nothing to report, the debt stalemate in Washington has continued for another day.  With the possibility of default less than one week away, tensions are running high as the world watches and waits for something – anything - to happen.

Gold prices have rises throughout the stalemate, and have hit new highs in the last few days.  “The flight-to-quality money is reasserting itself into gold.  The budget problems are persistent, and people want to own gold during this calamity,” said Adam Klopfenstein, a senior strategist at Lind-Waldock.

Even without a default, if the U.S. has to pay higher interest rates because of a ratings downgrade, those rates will most likely trickle down to consumers in the form of higher interest rates on mortgages and other loans.  In addition, a downgrade of the U.S. credit rating could cost the government $100 billion per year, according Bloomberg, who cited Wall Street bond dealers.

Despite all the news about the looming debt ceiling and the very real possibility of a U.S. default, the $3 trillion bond market seems not to care.  “[S]omebody forgot to tell the traders…” said a CNBC article.  Demand at today’s $35 billion bond auction drew substantial demand.  According to Christian Cooper, head of U.S. dollar derivatives trading for Jefferies Group, Inc., “It was a reassuring auction.  The market is really not ready to acknowledge default as a possibility at the point.”

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold – $1621.00 - Up $7.80.
  • Silver – $40.98 - Up $0.56.
  • Platinum – $1808.10 – Up $14.10.
  • Palladium - $838.50 – Up $27.40.

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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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