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Morning Gold & Silver Market Report – 7/15/2011

MANUFACTURING DECLINES; S&P JOINS MOODY’S IN POTENTIAL DOWNGRADE

The “Empire State” manufacturing gauge unexpectedly declined for a second month in a row, while the Labor Department reports that the core Consumer Price Index rose 0.3 per cent after a similar gain in May. This was above economists’ forecast of 0.2 per cent.

Standard & Poor’s (S&P) credit rating service has joined Moody’s rating service in their warning of a potential downgrade of U.S. debt. S&P stated yesterday that they see a 50% chance of a downgrade. The S&P had already lowered their outlook on U.S. Aaa long-term rating to negative in April, and the current political debate on whether to raise the debt ceiling does not inspire confidence that a measure will be passed by August 2.

President Obama has suspended budget talks today in order to give both sides time to weigh options and come up with a plan. Talks may resume over the weekend. Financial markets are still uncertain as to whether the two sides will come to an agreement.

Central banks are continuing to buy gold at a record pace. In 2010, central banks became net buyers of gold for the first time in two decades. Anyone was thinking this would be a one-year event would be wrong, as according to the World Gold Council, central banks have already bought more gold in 2011 than they did in 2010. According to Juan Carlos Artigas of the World Gold Council, "In the same way, investors look to diversify their portfolios and find a way to manage risks effectively, gold has been one of the choices with central bankers especially in developing economies to create that balance."

At 8:21 AM CDT, the APMEX precious metals spot prices were:

  • Gold - $1,584.40 – Down $5.90 on the day.
  • Silver - $38.54 – Down $0.22.
  • Platinum - $1,761.00 – Up $13.30.
  • Palladium - $778.00 – Down $7.40.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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