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Mid-Day Gold & Silver Market Report – 7/12/2011

Precious metals are trading steady as earlier today oil was still trending towards its third straight day of losses.  It has now begun to gain, taking gold with it. The bond auction in Italy went well today, allowing those involved in the eurozone crisis to breathe a sigh of relief.  Experts say that the U.S. stocks declined after the news of a successful auction were released, and the euro recovered from early morning losses against the dollar.  James Nixon, European economist at Societe Generale, commented in a research note, “There is now a very real risk that contagion will engulf Italy and Spain.” Economists say that the key to Europe’s sovereign-debt crisis may hinge on the Italian bond market.

Stu Hoffman, chief economist for PNC Financial, says that although the U.S. economy is wobbling and hit a few bumps in the road the first half of this year, he feels the U.S. will regain its footing in the second half.

At 12:30 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,557.20 – Up $6.90 on the day.
  • Silver - $35.70– Down $0.06.
  • Platinum - $1,738.80– Up $10.50.
  • Palladium - $768.70 – Down $.80.

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Disclaimer:
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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