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Market Reports

Morning Gold & Silver Market Report – 6/30/2011


The weekly jobless claims report was released this morning and showed a drop of 1,000 from last week.  Economists, who are constantly wrong on this subject, had expected a drop of 4,000.  The unemployment rate is one reason President Obama called for another economic stimulus in a speech yesterday.  In doing so, he also complicated talks to raise the debt ceiling and keep the U.S. from defaulting on its sovereign debt before the August 2 deadline that is rapidly approaching.

Part two of the austerity votes in Greece will happen today.  This round is about the implementation of the measures, and is expected to pass.  As these votes pass in the Greek parliament, we see pulling on both sides regarding gold.  On one side, the euro tends to increase in value versus the dollar, which would normally boost gold prices.  On the other side, the optimism this progress creates has investors more willing to take on risk, possibly moving away from gold.  Of course, these are just two of many factors that typically affect the price of precious metals.

Clashes in Egypt have sprung up again.  Five months ago, Egyptians protested and created a revolution that ousted their longtime leader, Hosni Mubarak.  Now, it is not so clear why they are fighting.  Some believe that “[t]he people are angry that the court cases against top officials keep getting delayed.”  Others say this particular situation arose when families of those who died during the revolution complained that their relatives’ names were left out of the ceremony.  Over 1,000 people were injured.  In a statement, the military council said these events “had no justification other than to shake Egypt’s safety and security in an organised plan that exploits the blood of the revolution’s martyrs and to sow division between the people and the security apparatus.”

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

  • Gold – $1,513.10 (up $2.20 on the day)
  • Silver – $35.17 (up $0.33)
  • Platinum – $1,723.00 (down $1.80)
  • Palladium - $764.30 (up $10.40)

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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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