Mid-Day Gold & Silver Market Report – 9/9/2011

G7 CONFERENCE & ECB BOARD MEMBER STEPPING DOWN = ECONOMIC UNCERTAINTY

Since the Morning Gold & Silver Market Report, gold and silver have seemed to regain their footing while platinum and palladium continue to slide. There was an initial climb in stocks based on President Obama’s speech last night, but has since tailed off on heightened terrorism threats and unexpected volatility in European markets.

The news out of Europe continues to be a source of global economic concern, as Greece has come out to say they will not default over the weekend. A key ECB policymaker, Juergen Stark, has stepped down over objections to the current bailout plan in place for Greece. “Europe once again is leading the charge lower here …and the issues are not going away anytime soon,” said Ryan Detrick Senior Technical Strategist at Schaeffer's Investment Research. “While August is in the rearview mirror, the issues that caused the volatility in August are nonetheless still there.”

The G7 conference is also looking to be a bit more contentious than usual based on comments made by U.S. Treasury Secretary Tim Geithner, who said, "It is completely within the capacity of the stronger members of the euro area to absorb these costs…Those costs would be much, much greater for them and their economies if they sit here and do nothing, and they recognize that.” Asia currently shares the same concerns as the U.S. in regards to Europe being the driving force behind global economic concerns.

At 12:07 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,861.40 – Up $2.00.
  • Silver - $41.75 – Down $0.86.
  • Platinum - $1,837.50 – Down $18.00.
  • Palladium - $738.70 – Down $26.60.

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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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