Morning Gold & Silver Market Report – 8/30/2011
“LITTLE TO BE CONFIDENT ABOUT” WITH ECONOMY
Gold, silver, platinum, and palladium were mostly flat in overnight trading, but have recently swung higher. U.S. stock futures are pointing to a low start for Wall Street, as investors await the release of economic data regarding consumer confidence. Consumer confidence is expected to show a sharp decline. The Case-Shiller index, which tracks home prices, fell in June by 0.1% from May, and 4.5% from June 2010. Also on tap is the release of the minutes from the Federal Open Market Committee meeting from August 9 this afternoon.
The President of the Chicago Fed said this morning that he is supportive of more easing. He described the jobs market as “recession-like,” and added that the economy seems to be “moving sideways.” He pushed for more easing at the August 9 FOMC meeting than what actually came about, with interest rates remaining at near-zero levels for the next two years.
The politicians in Washington are at it again, as Representative Eric Cantor has said that there will be a federal role in the recovery of damage from Hurricane Irene, but there’s a catch. In an all-too-familiar tone, the No. 2 Republican says that his peers are “going to make sure that there are savings elsewhere” before finding the money to aid in the recovery. Democratic Senator Mary Landrieu retorted, saying, “It makes no sense to cut programs that help respond to future disasters in order to pay for emergencies that have already occurred.”
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,831.50 – up $37.90.
- Silver - $41.66 – up $0.99.
- Platinum - $1,845.00 – up $19.00.
- Palladium - $769.60 – up $13.90.