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Closing Gold & Silver Market Report – 6/29/2011

Precious metals continue to rally today on news of Greece’s parliament voting to push austerity measures and the ever-approaching U.S. debt ceiling.  Obama’s speech consisted of reiteration on the need to have both parties compromise and “get it done,” while emphasizing that both parties should be prepared to “take on their sacred cows” in the negotiation process.

In spite of the fact that Greece has come to terms with the fact that they will have to introduce austerity measures in order to survive this crisis, some experts think that financial disaster is still inevitable, which would mean good things for gold.  Tim Harvey, the senior VP at ETF securities, thinks that the euro and chaos in Greece will stabilize for a while, but it will be just that; a while.  He  goes on to say he feels that paper assets will continue to struggle and that, aside from “certain currencies like the Swiss Franc, what else is there to actually invest in?”  One reason that investors put so much faith into the Swiss Franc is that their currency is completely backed by gold (and then some), more so than any other country in the world.  It just goes to show that going to a gold standard has its benefits.

Chambers, chairman of S&P’s sovereign raiting committee, spoke with Reuters Tuesday, “If the U.S. government misses a payment, it goes to D…That would happen right after August 4th, when the bills mature, because they don’t have a grace period.”  The U.S. Treasury Department owes $30 billion in maturing short-term debt. 

At 4:15 PM (CDT) the APMEX precious metals spot prices were:

  • Gold – $1512.60 (up $11.90)
  • Silver – $34.98 (up $1.25)
  • Platinum – $1,727.40 (up $34.70)
  • Palladium - $753.50 (up $16.40)

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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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