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Closing Gold & Silver Market Report – 8/18/2011

VOLATILE MARKETS FALL AGAIN WHILE GOLD CONTINUES TO SHINE

Gold has increased gains since the mid-day, and is edging closer to a 2% gain on the day.  Stocks and almost every commodity besides precious metals closed sharply lower today.

Inflation indexes ticked higher last month, according to data released by the Fed.  The Consumer Price Index, the Fed’s primary measure of inflation, increased 0.5% in July.  On an annual basis, this indicates a 6% rise in prices consumers pay for goods.  This annualized rate is more than double the Fed’s stated inflation target of 2-3%.

Residential real estate also slowed more than expected in July, with existing home sales falling 3.5%, while economists expected a rise of 3.8%.  Pierre Ellis, a senior economist at Decisions Economics, said, "The home sales number is beginning to creep downward.  It gives the appearance of melting away, contributing to consumer sector worries.  And that was even before the recent financial market volatility.”

Gold continues to shine in its role as an asset class, showing its tendency to hold or increase in value while other asset classes are declining.  “The most recent economic data is what’s guiding all asset classes.  This means that just about everything but gold is falling right now,” said Adam Sieminski, Chief Energy Economist at Deutsche Bank.

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

  • Gold - $1,829.00 – Up $33.20.
  • Silver - $40.77 – Up $0.31.
  • Platinum - $1,844.20 – Up $3.40.
  • Palladium - $759.30 – Down $18.60.

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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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