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Morning Gold & Silver Market Report – 9/6/2011

Heading into the Morning Trading - Gold is Up & Stocks are Down

Gold prices once again approached record levels overnight before retreating to just below $1,900 per oz. Silver, platinum and palladium prices are down. U.S. stock futures are also sharply lower on the news out of Europe and the continued disappointment with last week’s jobs report. The European sovereign debt crisis grew even more worrisome over the weekend, when German Chancellor Merkel’s political party suffered election losses. The euro-zone rescue is looking more tenuous, as current administrations could be replaced by administrations more reluctant to bail out at-risk nations.

The big news of the morning is coming out of Switzerland. The value of the Swiss franc, as measured by the value of other world currencies, has been rising sharply of late, due to its increasing safe-haven appeal. The Swiss have been very concerned and now they have taken steps to weaken the franc. The Swiss National Bank (SNB) shocked the markets today by announcing a cap on the Swiss franc. Driven by the fear that a soaring franc will lead to recession, the SNB said it would no longer tolerate an exchange rate below 1.20 francs and they are prepared to purchase other currencies in unlimited quantities to make this happen. Analysts believe the SNB can make this happen because it can print an unlimited amount of francs. However, it will not solve the European-debt problem, which is at the heart of the matter. This announcement will add fuel to the currency wars with Japan, who is prepared to weaken the yen, if buyers move to the yen from the Swiss franc. Gold prices rose sharply on the news as its safe-haven appeal only intensifies.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,896.80 – up $17.90
  • Silver price - $42.32 – down 82 cents
  • Platinum price - $1,870.00 – down $15.80
  • Palladium price - $763.70 – down $19.50

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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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