Morning Gold & Silver Market Report – 8/10/2011
According to Goldman Sachs, the answer would be yes. In a statement yesterday, chief economist at Goldman, Jan Hatzius said, "we now see a greater-than-even chance that the FOMC will resume quantitative easing later this year or in early 2012. We have changed our call because today's statement suggests that the committee's reaction function to incoming economic news is more dovish than we had previously thought."
Yesterday, the U.S. stock market experienced a 600 point swing, closing up over 400 points. The upswing occurred as the market digested the afternoon Fed statement. Chairman Bernanke’s statement seems to promise that the Fed would leave interest rates at their current low level for another two years. This morning, stock futures are falling, as markets continue to digest the implications of the Fed Statement. Gold prices have held steady throughout, while silver prices have seen a decline.
The U.S. Mint has halted the sale of gold collector coins to give them time to reevaluate their pricing in light of recent gold prices. This re-pricing is expected to be complete by late Wednesday. This does not affect the sale of American Eagle bullion coins, which are not sold direct to the public. They are only sold to authorized purchasers of the U.S. Mint, of which the American Precious Metals Exchange is one of thirteen.
At 8AM (CT) the APMEX precious metals spot prices were:
- Gold price - $1,767.40 -up $22.40
- Silver price - $38.51- up 58 cents
- Platinum price - $1,758.30 – up $1.90
- Palladium price - $746.00 – up $9.40