Morning Gold & Silver Market Report – 8/1/2011

CONGRESS TO VOTE ON DEBT CEILING DEAL

President Barack Obama and congressional leaders came to an agreement on a deal to raise the U.S. debt ceiling  over the weekend.  The deal still has to pass the House of Representatives and the Senate to take effect, and a vote is expected later today.  For now, attention is focused on whether the deal will be enough to avert a downgrade of the top-notch AAA credit rating the country holds.

The agreement raises the debt ceiling by a maximum of $2.4 trillion (in two stages), while also including spending cuts that top out at $2.4 trillion as well.  Ratings agency Standard & Poor’s had said previously that a reduction of spending of $4 trillion would likely maintain the AAA rating.

The Markets have reacted to the news with optimism, as U.S. stock futures are up (signaling gains when Wall Street opens) along with European and Asian stocks.  Gold is trading lower on the news, coming off a record high as investors’ risk appetite grew amid the optimism regarding the debt ceiling.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,619.80 – Down $10.40.
  • Silver - $39.36 – Down $0.81.
  • Platinum - $1,800.50 – Up $15.20.
  • Palladium - $848.10 – Up $18.40.

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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
4/24/2014 9:31:41 PM EST

Metal Bid Ask Change
Gold $1,292.40 $1,294.40 $1.80
Silver $19.58 $19.68 ($0.07)
Platinum $1,404.90 $1,414.90 $5.30
Palladium $798.00 $803.00 ($0.30)
4/24/2014 9:31:41 PM EST

Click here for Historical Charts*All Charts are in USD


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