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Closing Gold & Silver Market Report – 6/10/2011

MARKETS DROP SHARPLY FOR SIXTH STRAIGHT WEEK - Almost every market made a sharp move down today.  All the major stock indices (DJIA, S&P 500, NASDAQ) took a beating today, and were down by about 1.4%.  Today marks the end of the sixth straight week of declines in stock markets.  This is the longest bear market since 2002.  Not even in the midst of the housing crisis, when we saw two of the largest investment firms on Wall Street disappear overnight, did we see a market like this.  With QE2 ending, falling manufacturing, falling home prices, disappointing jobs reports, etc., it’s not surprising that the market is in a state of flux.  When looking back to 1929 and the great depression, everyone talks about “Black Tuesday,” but the market didn’t find a true bottom until 1932.  There was a short recovery period (just like the last few months) and then the real crash, the double-dip, put the economy into free fall.  One has to wonder, “Is history repeating itself?”

As QE2 draws to a close, an interesting fact has come to the surface: A new creditor has surpassed China as the largest holder of U.S. debt.  The new creditor has been buying up U.S. debt at a frantic pace, and within a month or so will hold about 16% of our total outstanding bonds, for total of just over $2 trillion.  Who could possibly have this much money to lend?  The new, largest holder of U.S. debt is none other than the U.S. government itself.

At 4:11 PM (CT) the APMEX precious metals’ prices were:

  • Gold price - $1533.80 (down $9.40)
  • Silver price - $36.27 (down $1.24)
  • Platinum price - $1829.10 (down $16.60)
  • Palladium price - $814.80 (down $5.30)

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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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