Mid-Day Gold & Silver Market Report – 5/25/2011
HEAVY NATO BOMBING IN TRIPOLI – For two nights in a row, NATO forces have launched nightly bombing attacks against Gaddafi forces in Tripoli. President Obama has issued another warning to President Gaddafi that there will be “no let up” until he is gone. This conflict is now three-months old (much longer than expected) and although President Obama will not predict when Gaddafi will be forced to go, he is making it clear that he must go. Oil is once again above $100 per barrel.
Last weekend, local elections in Spain rejected any move towards austerity measures. This week, the Greek public did the same. Yesterday’s election result in upstate New York are an indication the US may not be ready to experience the pain of cut-backs either . Democrat Kathy Hochul won a Congressional seat in a district that has historically been dominated by Republicans. She was able to galvanize voter fears about the Medicare proposal put forth by Rep Paul Ryan. "We can balance the budget the right way, and not on the backs of our seniors," said Hochul, the Erie County clerk. "We had the issues on our side." There are economists who are concerned that there are many countries with huge debt problems (Greece, Ireland, Portugal, Spain, Italy, UK, USA, Japan and more), but seemingly little political will to accept any form of cut- backs.
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,529.10 (up $4.30)
- Silver price - $37.80 (up $1.57)
- Platinum price - $1,784.20 (up $20.70)
- Palladium price - $754.00 (up $14.80)