Morning Gold & Silver Market Report – 9/1/2011

JOBLESS CLAIMS MIXED; LAGARDE SHOWS BACKBONE

U.S. stock futures are pointing to a low start for Wall Street this morning, after a night of mixed trading that now has precious metals mostly flat.  Losses in stock futures were pared after the weekly jobless claims report showed a drop of 12,000 claims from last week.  However, the four-week moving average climbed by 1,750 claims, and is thought to be a better indicator of trends.  Investors now await a key manufacturing report due later this morning, and expectations are that this index will dip below 50%, meaning manufacturing activity contracted.

European Central Bank policymaker Jeurgen Stark said recently, “The [debt] crisis is not over.  Not just in Europe is it not over, it is also not over in other regions of the world.”  He also says that the U.S. has an “enormous” debt problem, and that the fundamentals are lacking that would help correct the issue.

When Christine Lagarde was named International Monetary Fund chief, many critics felt she would not be tough on her former peers in Europe.  Those fears were squashed as she stated that European banks should be recapitalized by force.  The European banking system as a whole is being called in to question, as Jacob Kirkegaard of the Peterson Institute for International Economics claims.  “Markets fundamentally don’t believe that many of Europe’s banks hold enough capital,” he said.  “They thus question the solidity of the entire European banking system.”

At 8:06 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,830.50 – down $3.20.
  • Silver - $41.78 – down $0.06.
  • Platinum - $1,848.00 – down $9.20.
  • Palladium - $779.70 – down $10.80.

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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
4/16/2014 12:19:20 AM EST

Metal Bid Ask Change
Gold $1,299.70 $1,301.70 ($0.60)
Silver $19.47 $19.57 $0.03
Platinum $1,430.10 $1,440.10 ($4.50)
Palladium $790.80 $795.80 ($1.10)
4/16/2014 12:19:20 AM EST

Click here for Historical Charts*All Charts are in USD


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