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Morning Gold & Silver Market Report – 11/3/2011

The Greek Government Could Be Heading for Collapse – Precious metals prices are moving upward as stocks are set to open flat. The European debt crisis took a strange turn several days ago when Greece said it had to think about accepting 50% forgiveness on its debt and an additional $130 billion euro loan. Now, it has turned even stranger, after defections from the ruling party have left Prime Minister Papandreou without a majority. There is the beginning of a groundswell to force Papandreou’s resignation.

The latest Greek development is fueled by tensions between the prime minister and the finance minister. Finance Minister Evangelos Venizelos is gaining support in opposing a referendum on whether to accept the bailout offered by the European Union. The opposition party believes that Greece must stay within the European Union. The finance minister has always favored austerity measures, but 60% of the Greek population views the deal as negative. This could lead to the total collapse of the government. Stay tuned as events might unfold quickly.

In a surprise move, the European Central Bank just announced it is reducing its main interest rate to 1.25%, as its concerns about the debt crisis have trumped its concerns about inflation. Markets will now be looking to new bank President Mario Draghi for any hints that further interest rate cuts might be in the future. Gold and Silver prices jumped up a notch on the news.

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

  • Gold price - $1,767.20 – up $35.60
  • Silver price - $34.89 – up 92 cents
  • Platinum price - $1,645.00 – up $43.70
  • Palladium price - $675.90 – up $25.30

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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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