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Morning Gold & Silver Market Report – 7/29/2011

MAJOR DEBT CEILING VOTE CANCELLED, MEETING DEADLINE AN UNCERTAINTY

A vote on House Speaker John Boehner’s deficit-reducing debt ceiling deal was cancelled yesterday, after Boehner failed to garner enough support from his fellow Republicans.  In any case, the Senate was prepared to vote down the bill, however from there the Senate was expected to work on a compromised plan.  Senator Harry Reid’s plan was unlikely to garner any Republican support, so it is not considered to be significant at this time.  Standard and Poor’s has reiterated that a credit rating downgrade is likely for the U.S., even if a debt ceiling deal is made before the August 2 deadline.

Moody’s Investor Services placed Spain on review for a possible downgrade in their credit rating.  It appears that the bailout of Greece that was intended to stop any contagion to other eurozone countries has not worked as advertised.  The euro fell amid the news, strengthening the dollar.

A consumer-spending report was released today, and showed slower-than-expected economic growth. Higher gas prices contributed to the low spending.  Gross domestic product rose at a 1.3 percent annual rate, while first-quarter output was revised sharply.  The original GDP estimate for the first quarter was 1.9 percent, and after the revision, it sits at just 0.4 percent.  Gold and silver prices rose thanks to this report, and the metals are also being buoyed by the ever-thickening plot regarding the debt ceiling.

At 8:08 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,626.10 – Up $10.90.
  • Silver - $40.34 – Up $0.49.
  • Platinum - $1,784.60 – Down $7.80.
  • Palladium - $827.40 – Down $2.80.

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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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