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Morning Gold & Silver Market Report – 5/18/2011


Precious metals are up across the board in early-morning trading, thanks in part to the dollar sliding versus the euro.  The euro hit a seven-week low earlier this week, but has since recovered.  Afshin Nabavi of MKS Finance says, “The demand for physical [precious metals] is rather interesting again.”  Gold bars are currently very popular in Asia, particularly China, as investors took advantage of the three-day decline in gold.  Silver, platinum, and palladium have also recovered from losses earlier in the week.

Hedge fund manager Jim Chanos believes that China’s economy could be heading for recession, thanks to signs of weakening in areas such as real estate.  There is a slowdown in housing sales, as well as a decline in prices.  He also believes that if China does too much to slow down growth, it could backfire, sending the economy backwards.

The European debt crisis continues with news that the European Central Bank refused a restructuring of Greek debt.  An ECB Executive Board member explained that it was not the appropriate way to approach the situation, as it could damage the banking system, which would “create a catastrophe.”  A recent Bloomberg survey indicated that 85% of international investors believe that Greece will probably default on its debt.  They feel the same way about Ireland and Portugal, as well.  The International Monetary Fund also warned Greece that unless it sharply accelerated reforms, attempts to get their finances under control would fail.

At 8:00 am (CT), the APMEX precious metals spot prices were:

  • Gold – $1,493.70 (Up $12.20)
  • Silver – $34.59 (Up $1.01)
  • Platinum – $1,773.00 (Up $11.00)
  • Palladium - $734.50 (Up $16.30)

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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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