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Mid-Day Gold & Silver Market Report – 7/28/2011

DEBT VOTE HAPPENING TODAY

Speaker of the House John Boehner’s revised plan for deficit-cutting has been submitted for approval. The vote is set to occur sometime between 5:45 & 6:15 p.m. EDT. If the bill passes the House, the feeling is there could be some type of bipartisan agreement on a resolution. The issue facing the plan is not every one is on board with the plan even in its current iteration. A fellow Republican Representative Phil Gingery said, "We will never get a balanced budget amendment unless we take advantage of this chokepoint ... I'm going to stand strong on this. I'm going to vote no." Boehner himself readily admits this is a “big test.” A number of CEOs from the largest U.S. financial firms submitted a letter to the President and heads of Congress that stated, "The consequences of inaction -- for our economy, the already struggling job market, the financial circumstances of American businesses and families, and for America's global economic leadership -- would be very grave."

In a bit of good news applications for unemployment benefits fell more than expected. The other interesting piece of news was contracts to buy previously owned homes also rose, quite unexpectedly. According to James O’Sullivan, Global Chief Economist at MF Global Inc. in New York, “The figures are encouraging, though we need to see a sustained decline in claims…The direction in claims invariably sends the right signal for growth in employment.”

At 12:21 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,613.30 – Up $3.00.
  • Silver - $39.87 – Down $0.76.
  • Platinum - $1,791.00 – Down $17.00.
  • Palladium - $830.10 – Down $5.10.

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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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