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Mid-Day Gold & Silver Market Report – 4/19/2011

GOLD HITS $1500 OZ! – before it backed off slightly. Nick Bullman, a managing partner at research- based risk assessment service firm, CheckRisk, stated that we could end up seeing $150 oil prices with gold at $2000.

One of the world’s largest banks, HSBC, is now chiming in that the US needs to get its debt under control. "The Brits are doing it. So are the Greeks, the Irish and the Spaniards. Even the Germans are doing it. But until now Uncle Sam has demonstrably failed to get with the program," said Philip Poole, Global Head of Macro and Investment Strategy at HSBC in London. These comments came in a research note referencing the S&P’s decision to to give a negative outlook on US debt.

Treasury Secretary Timothy Geithner, is confident that our political leaders will get together and come up with a long-term plan to reduce debt.“We have an opportunity now over the next two months to make some real progress,” Geithner said in an interview on Bloomberg Television today. “What we agree on is putting in place strong targets for savings, deficit reduction over a specific time frame with enforceable limits,” he said.

At 12PM CT the APMEX precious metal prices were:

  • Gold price - $1,498.10 (up $4.20)
  • Silver price - $43.86 (up 84 cents)
  • Platinum price - $1,770.40 (down $11.40)
  • Palladium price - $733.00 (down $7.10)

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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