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Closing Gold & Silver Market Report – 7/13/2011

MOODY’S PLACES U.S. BOND RATING ON REVIEW – Citing the “rising possibility” that political leaders in the U.S. won’t come to an agreement on raising the debt limit, Moody’s Investors Service has placed the AAA bond rating currently held by the U.S. on review for a possible downgrade. At the same time, discussions between GOP leaders and President Obama on raising the debt limit continued to go nowhere today, with Republicans still refusing to consider any anything related to revenue increases and Democrats withholding any further cuts in spending in response. Some investors and analysts are worrying that certain members of Congress might prefer to let a U.S. debt default take place rather than face the heat from angry constituents.

In an appearance before Congress today, Federal Reserve Chairman Ben Bernanke indicated that additional monetary easing may be on the horizon, saying that a new stimulus program with additional asset purchases is already being planned. In prepared remarks, the Chairman stated that the growth of the economy is slower than expected, and that if that slow growth continues, “…the Federal Reserve remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate." Reacting to the news, the price of gold rose climbed to a record high of $1,584.39 per ounce before ending the day at $1,584.00 per ounce, with both stocks and Treasury yields increasing too.

The federal budget deficit for June came in at $43.1 billion, with the year-to-date budget deficit at $970.5 billion. Experts predict that deficit is set to exceed the $1 trillion mark for the third year in the row. Meanwhile, a recent poll by Reuters shows that 63% of Americans feel the country is headed in the wrong direction, with concern centered on unemployment and the government’s efforts to raise the U.S. debt limit.

At 4:15PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,584.00 - Up $20.70 on the day
  • Silver price - $38.28 – Up $2.59
  • Platinum price - $1,759.30 – Up $23.00
  • Palladium price - $778.00 – Up $8.60

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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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