Closing Gold & Silver Market Report – 7/29/2011

VOTE ON GOP DEBT PLAN SET FOR 6:00PM TODAY; GOLD FUTURES REACH RECORD HIGH

Republican lawmakers have announced that a Congressional vote on House Speaker Boehner’s debt limit plan will take place this evening at 6:00pm ET, with House Majority Leader Eric Cantor saying that the GOP has enough votes to pass it. However, leaders in the Democratic-controlled Senate have expressed their intent to kill the bill, and President Obama has stated that he would veto it if it came to his desk. Today President Obama indicated that both sides have a “rough agreement” on raising the debt limit, but with only four days until the August 2nd deadline to avoid a default, the Treasury Department is working on contingencies to pay the U.S. government’s obligations.

Anxiety over the ongoing debt debate combined with lower-than-expected economic numbers from the Commerce department resulted in a rise of 0.9% for gold futures Friday, ending the day at a record $1,631.20 an ounce price for December delivery. For the week, gold rose 1.9% (8.5% for the month). A broker for FuturePath Trading explained the increase by saying, “It’s about safety. People are escaping from currency volatility out there (and) political instability.”

At 4:15 pm (CT), the APMEX precious metals spot prices were:

· Gold - $1,628.10 – Up $12.90

· Silver - $39.95 – Up $0.10

· Platinum - $1,781.90 - Down $10.50

· Palladium - $832.70 - Up $2.60

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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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