Closing Gold & Silver Market Report – 7/25/2011
IN THIS STATE OF CONFUSION, TODAY’S GOLD PRICES CONTINUE TO RISE
Precious metals are continuing to rise today while the debt ceiling debates still swirl about with no resolution in sight. In a report from GoldCore, “An eleventh-hour solution is expected before next Tuesday’s August 2 deadline, when the U.S. Treasury has said that it would not be able to borrow any more funds. At the same time, investors have cut their exposure to risky assets and the appalling fiscal situation in the U.S. is positive for gold and silver—whether the politicians come to an agreement or not.” Even crude oil futures were down today as more news of a an agreement being far off, fueling fears about diminished energy demand through slower growth.
Julian Jessop, chief international economist at Capital Economics, comments on the many different possible outcomes of debt-ceiling decisions in an interview with The Globe and Mail. The one thing he was certain on was gold. “the price of gold would be one of the few clear winners.” Dennis Gartman, publisher of The Gartman Letter, adds, “The only thing that is not confusing is that in this state of confusion gold has gone violently bid and is rising on all fronts and relative to all currencies everywhere…that is the only certainty that we can and will deal with.”
At 4:00 pm (CT) the APMEX precious metals spot prices were:
- Gold – $1,615.40 – Up $12.90.
- Silver – $40.42 – Up $0.24.
- Platinum – $1,793.70 – Down $4.70.
- Palladium - $811.00 – Up $2.60.