Mid-Day Gold & Silver Market Report – 7/29/2011

CAN U.S. CONGRESS COMPROMISE? WORLD AWAITS

Bipartisan efforts are increasing today, with a vote on John Boehner’s revised plan expected to take place later today. There was concern there would not be enough votes to pass the previous edition yesterday afternoon. John Boehner’s plan is up for consideration, as is a proposal from Harry Reid. It’s a true scramble for support trying to get the votes needed to support either plan at this point. Senator Reid has been in talks with Treasury Secretary Tim Geithner about possible inaction, but that “the international community is extremely worried,” based on that conversation.

The other point of concern has to do with Commerce Department data that shows any economic growth we were experiencing actually started to wane late last year, not this year as a number of economists’ data implied. Previous reports had the economic growth at 1.9% during the second quarter, but in actuality it only grew 1.3%. According to Ryan Sweet, a senior economist at Moody’s Analytics in West Chester Pennsylvania, "The economy essentially came to a grinding halt in the first half of this year…We did get side-swiped by some temporary factors which are fading, but it raises some concerns about the sustainability the recovery."

Based on debt ceiling fears and weaker than expected Gross Domestic Product data, gold has hit another all-time high. This is the third record within the last 5 days. Mark Luschini, Chief Investment Strategist of Janney Montgomery Scott, says, "The weak economic data suggests that you may see some form of stimulus, certainly highly accommodative monetary policies, and that will continue to put a bid on gold prices… As long as there is no re-normalization of a steady state of economic or fiscal circumstances, gold will move higher."

At 12:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,624.80 – Up $9.60.
  • Silver - $39.98 – Up $0.13.
  • Platinum - $1,786.90 – Down $5.50.
  • Palladium - $829.10 – Down $1.00.

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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 10:04:44 PM EST

Metal Bid Ask Change
Gold $1,286.00 $1,288.00 $1.40
Silver $19.39 $19.49 $0.01
Platinum $1,395.80 $1,405.80 $1.90
Palladium $783.40 $788.40 $1.40
4/23/2014 10:04:44 PM EST

Click here for Historical Charts*All Charts are in USD


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