Mid-Day Gold & Silver Report – May 24, 2011

CURRENCIES ON ROLLER COASTER SEND PEOPLE REACHING FOR GOLD

Precious metals are rallying today on continued news of the Europe’s sovereign-debt crisis and the downgrading of Belgium and Italy. As of the last week, this news has driven the dollar up against the euro and kept the prices of metals steady. However, it seems that the severity of this news is starting to sink in with the population and they are realizing that even though the dollar was rising against a flailing euro, it still does not say much for the dollar. Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago, says, “People see the whipsaw in the currencies market and they want to buy gold and call it a day.” James Moore, an analyst at TheBullionDesk.com in London adds, “Concerns over the ability of euro-zone peripheral nations to contain their debt continue to intensify.”

Greece is still struggling to figure out a solution to their debt problem without creating a domino effect and bringing down the surrounding weaker countries. An idea was tossed about to release a 12 billion euro loan tranche in June, which Greece claims is vital to keep Athens afloat. However, this was shot down by Socialist Prime Minister George Papandreou with a statement that rippled into the markets, “I am not going to agree to this recipe which has been proven wrong. A Greek default would be highly destabilizing and would have implications for the creditworthiness of issuers across Europe.” As a result of this statement and current worries, protestors have taken to the street in demand for stronger austerity measures.

On a side note, despite the recent reports of lower housing numbers, they have now released new numbers that are saying quite the opposite.

At 1:15PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,525.60 ($8.70)
  • Silver price - $36.38 (up $1.40)
  • Platinum price - $1,763.90 (up $7.00)
  • Palladium price - $741.00 (up $5.20)

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Disclaimer:

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 6:38:15 PM EST

Metal Bid Ask Change
Gold $1,283.80 $1,285.80 ($0.80)
Silver $19.39 $19.49 $0.01
Platinum $1,396.10 $1,406.10 $2.20
Palladium $782.00 $787.00 $0.00
4/23/2014 6:38:15 PM EST

Click here for Historical Charts*All Charts are in USD


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