Mid-Day Gold & Silver Market Report – 7/14/2011

MOODY’S PUTS THE PRESSURE ON DEBT LIMIT TALKS

The decision by Moody’s Investors Services to review the United State’s Aaa credit rating for a possible downgrade is adding even more pressure to the already-tense debt limit discussions between President Obama and Republican leaders. Interests both in this country and overseas (most notably China, which owns more than $1 trillion in U.S. Treasury debt) are urging lawmakers to make a deal quickly so that fears of a U.S. debt default don’t have a catastrophic impact on the world economy. However, reports out of Washington indicate that for a fourth day in a row, meetings between the President and the GOP ended without any progress made. Meanwhile, in addition to Moody’s credit review, Standard & Poor's has quietly informed lawmakers in the U.S. that if the government fails to make any payments as a result of a debt default, it might also be forced to deliver a ratings cut.

After giving signs yesterday during an appearance before Congress that additional stimulus measures might be in the offering soon, Federal Reserve Chairman Ben Bernanke reversed himself today during a Senate Banking Committee appearance, saying that there are no preparations by the central bank to take any action. Speaking before the Senate panel, Chairman Bernanke said, “The situation is more complex," he told the Senate Banking Committee. “Inflation is higher… We are uncertain about the near-term developments in the economy. We would live to see if the economy does pick up. We are not prepared at this point to take further action," adding that further third stimulus measure might not be effective. Bernanke’s comments today put a damper on the stock market, while gold prices rose to hit a record high for the second straight day.

At 12:12 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,589.90 – Up $3.40 on the day.
  • Silver - $38.92 – Up $0.71.
  • Platinum - $1,773.30 – Up $6.30.
  • Palladium - $782.60 – Down $3.40.

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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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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