Mid-Day Gold & Silver Market Report – 7/13/2011


Fed Chairman, Ben Bernanke, had a congressional hearing today and spoke about a number of different topics. The biggest component to his testimony, was the implication that QE3 is likely to occur. He said, "The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support." The economy is expected to grow “at a moderate pace,” but unemployment is expected to decline only gradually. The weakness economically is causing the Fed to keep “all the options on the table.” He also feels failing to raise the debt ceiling would create a “huge financial calamity.” He compared not increasing the debt limit to “having a spending spree on your credit card and then refusing to pay the bill.” These remarks and concerns are really driving the stock market and precious metals’ prices.

The remarks during today’s conference, coupled with the on-going international debt crisis, have gold on the rise. According to Michael Widmer, an analyst at Bank of America Merrill Lynch, "Gold will keep rising for the next five years, even if it has some crests and troughs…Those holding gold should hold onto it, while others should probably get their hands on it as it is going to be on an upward trend. The sovereign debt crisis is helping the gold prices rise, but even if it is addressed in the short-term, the developed countries are in so much debt that it will continue to drive gold up for the next 10 years." Gold has officially hit its all-time high!

At 12:20 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,587.10 - Up $23.80 on the day
  • Silver price - $38.20 – Up $2.51
  • Platinum price - $1,764.20 – Up $27.90
  • Palladium price - $785.00 – Up $15.60

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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
4/25/2014 4:22:17 AM EST

Metal Bid Ask Change
Gold $1,293.20 $1,295.20 $2.50
Silver $19.51 $19.61 ($0.14)
Platinum $1,403.10 $1,413.10 $3.50
Palladium $800.00 $805.00 $1.80
4/25/2014 4:22:17 AM EST

Click here for Historical Charts*All Charts are in USD

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