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Closing Gold & Silver Market Report – 8/10/2011

U.S. STOCKS FALL AMID EUROPEAN DEBT WORRIES; GOLD PRICES CONTINUE TO BREAK RECORDS

Stocks in the U.S. fell to their lowest level in nearly a year as a result of general concerns about the overall global economy and specific concerns that the European sovereign-debt crisis won’t be adequately contained. The Dow closed with a 4.6% (520-point) drop, and the S&P 500 dropped 4.4%. A market strategist with Stifel Nicolaus & Co. explained the drop by saying, “The message is that the market is concerned about the financial industry.” He added, “…the banks are exposed to a deteriorating economy. The European debt crisis has a whole set of issues. The concern is about a spillover effect of that.”

Gold prices once again hit a record in trading today, at one point rising above $1,800 as investors continued to look to the precious metal as a safe haven from increasing economic uncertainties. James Dailey, a manager with TEAM Financial Management LLC, said in a phone interview today, “The race to debase currencies is on. Gold will continue to appreciate until there is a fundamental shift in government policies.” In the wake of Standard & Poor’s downgrade of the U.S.’s credit rating this past Friday, gold prices have increased $132.50 so far this week.

At 4:15 pm (CT), the APMEX precious metals spot prices were:

· Gold - $1,799.80 - Up $54.80

· Silver - $39.41 - Up $1.42

· Platinum - $1,769.80 - Up $13.40

· Palladium - $731.10 - Down $5.50

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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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