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Market Reports

Mid-Day Gold & Silver Market Report – 7/1/2011

Precious metals are trading lower today, partially due to the release of the June ISM factory index increase to 55.3%, which eased fears of a double-dip recessionGM posted a 10% jump in their June car sales.  But we are not out of the woods yet; the U.S. is still set to crash into the debt ceiling on August 2.  The Treasury Department reiterated that the debt ceiling would need to be raised or the U.S. would face “the catastrophic economic and market consequences of a default crisis.”

China’s factory information was released today, and it fell to the lowest level since February 2009.  They also released news that their inflation pace exceeded 20%, which is the highest since 2008.  China seems to be suffering from overwhelming debt as well, as they borrowed money to help fund projects to create jobs and generate steady income for the government.  It seems that it backfired on them as the earnings have been just a fraction of what was predicted, but the issue has been compounded with the fact that the debts are now due, yet they do not have the money.

On a side note, it seems that the trial against former IMF chief Dominique Strauss-Kahn may not go the way everyone thought.  New information has cast a different light on the trial, as the credibility of his accuser is in question.  South Africa, one of the world’s largest gold producers, had less gold output for the first quarter, falling 9.3% compared to last year’s fourth quarter. 

At 12:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,486.50 - Down $17.30 on the day.
  • Silver - $33.92 - Down $0.88.
  • Platinum - $1,716.90 - Down $9.20.
  • Palladium - $758.50 - Down $4.20.

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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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