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Morning Gold & Silver Market Report – 7/7/2011


The private sector added 157,000 jobs from May to June according to this morning’s ADP report. Although still not enough to make a significant dent in the unemployment rate (which remained at 9.1%), it did beat forecasts.  Gold has recovered from early-morning losses and joined silver in the black.

The European Central Bank (ECB) raised interest rates for a second time this year, as they continue to take steps to curb rising inflation. This move was expected, as euro zone inflation rose to 2.7% in June, exceeding the ECB target rate of 2%. The Bank of England once again kept their rates as-is. ECB President Trichet will conduct a closely-watched press conference today. The ECB put up a major hurdle to the agreement for the second Greek bailout, when they stated they will refuse Greek bonds as collateral if all the major credit rating agencies treat this bailout as a default.

The media continues to focus our attention on the US Debt ceiling and the Greek debt crisis, but according to an article in today’s Business Insider, there are 20 stress points that need to be watched. Of the top 15, only five events are financially related, such as the number one concern – the US dollar collapse. The remaining points are geopolitical such as the Taiwan/China armed hostility, Israel/Iran armed conflict and the potential for a war between India and Pakistan. Investors need to be cautious not to let the media narrow their scope of world events. There is much going on across the planet.

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

  • Gold – $1,530.40 – Up $0.20 on the day.
  • Silver - $36.46 – Up $0.49.
  • Platinum - $1,739.20 – Up $5.80.
  • Palladium - $783.50 – Up $8.30.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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