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Morning Gold & Silver Market Report – 5/26/2011

GDP & JOBS REPORT BOTH DISAPPOINT - The US GNP report just came out and the US economy grew less than expected in the 1st quarter…up only 1.8%. The weekly jobs report also was just released and once again, it made a surprise move upward, as it increased by 10,000 to 424,000. It was expected to come down to 405,000.

The Arab country of Yemen is close to an all out civil war, as dozens of citizens were killed in overnight gun battles. Over 40 people have been killed since Monday, as protestors try to end the 30 year plus reign of President Ali Abdullah Saleh. Both the United States and Saudi Arabia have been targets of foiled terrorists attacks by al Qaeda factions harbored in Yemen. The United States has ordered all non-essential diplomats and embassy family members to leave. Yemen is already on the brink of financial ruin and should it become a failed state, the fear is that it will de-stabilize the region, undermine security and put its neighbor Saudi Arabia even more at risk.

There are reports this morning that China may be interested in purchasing “bailout bonds” for Portugal. The euro has rallied on the news sending the US dollar down. Most analysts estimate this rally will not go too deep until more details come forth, and even then, it may be limited by the overall European debt concerns.

Any doubts that gold is now considered a currency and not a commodity should be erased, as the European Committee on Economic and Monetary Affairs voted to allow central counterparties to accept gold as collateral. In a press release today, the World Gold Council's Natalie Dempster, is quoted as saying “It is very significant that the European Parliament is putting its weight behind the argument that the unique characteristics of gold make it an ideal form of high quality liquid collateral.” In February 2011, JP Morgan became the first bank to accept gold as collateral on certain transactions.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,525.20 (down $3.00)
  • Silver price - $37.48 (down 26 cents)
  • Platinum price - $1,782.00 (up $1.20)
  • Palladium price - $757.60 (up $6.30)

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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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