Morning Gold & Silver Market Report – 5/23/2011

SPANISH ELECTIONS HEAP MORE CONCERN ON EUROPEAN DEBT CRISIS – IS ITALY NEXT? – Standard & Poor’s just cut its rating for Italy from neutral to negative. Fitch Ratings cut Greece once again on Friday. The Spanish Socialists Party suffered major losses in local elections, which is a clear signal that Spanish voters do not want austerity measures. All of these factors continue to paint a bleaker picture of euro zone finances. It seems more and more evident that Greek debt will need to be re-structured and the questions that remain are only how much and who is next? If you cannot pay what you owe and there is no political will to cut spending, what is left but restructuring?

The euro continues to decline and the US dollar continues to go up. World equity markets, as expected, are declining on these growing debt fears. The US stock market is set to open triple digits lower. Gold prices would be expected to move opposite of the US dollar, but just as they did last week, gold prices are stuck in neutral.The increasing US dollar would normally send prices down and the increasing fear about the debt crisis at home and abroad, would send prices up.

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

  • Gold price - $1,512.30 (up $1.90)
  • Silver price - $34.75 (down 43 cents)
  • Platinum price - $1,753.00 (down $17.40)
  • Palladium price - $726.60 (down $12.80)

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APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 10:11:28 AM EST

Metal Bid Ask Change
Gold $1,285.80 $1,287.80 $4.70
Silver $19.40 $19.50 $0.09
Platinum $1,390.50 $1,400.50 $0.20
Palladium $780.90 $785.90 $1.20
4/23/2014 10:11:28 AM EST

Click here for Historical Charts*All Charts are in USD

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