hp-free-shipping-truck Free Shipping On Orders Over $99

Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 7/26/2011


Competing plans for the U.S. debt crisis have both Republicans and Democrats focused on finding support votes for those plans. Leaders in the Senate and the House differ on whether to use a plan that proposes a short-term solution that would see another debt limit battle next year, or whether to go with a plan that involves more a drastic overhaul to the government’s debt issues. House Speaker John Boehner believes that the Republican plan can pass through the Senate, telling reporters today ““We are going to have some work to do to get it passed, but I think we can.” However, Senate Majority Leader Harry Reid has made it known that he feels the Republican plan is a “non-starter” that would not pass a Senate vote. Senator Reid also said that the Democratic plan has the endorsement of credit rating agencies.

International Monetary Fund chief Christine Lagarde came out today stating that the U.S. needs to resolve the debt ceiling issue and the potential resulting catastrophic consequences to the world economy in the event of a default. She said, "The clock is ticking and clearly the issue needs to be resolved immediately." She also said the U.S. needs a credible fiscal adjustment, but cautioned against being too hasty by adding, "The United States could face another jobless recovery. That is why we've advised against fiscal consolidation that is unduly hasty -- even as we stress the importance of getting a fiscal consolidation plan agreed soon."

So far today the impact to gold is viewed as more cashing in on gains than current national and international debt issues. Precious metals are slightly up, as the morning recoupment is giving way to debt fears. According to Michael Lewis, head of commodity research at Deutsche Bank, "What is different now is the implications [raising the U.S. debt ceiling] could have on the credit status of the U.S., Fed policy, potential QE3 and how that affects the dollar so there are tail events here that could be quite problematic… Clearly there are substantial tail events to hit the market so the appeal of gold will still be very strong just given the unstable equilibrium that we're in at the moment in terms of debt levels and zero interest rates."

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

  • Gold – $1616.00 - Up $2.80.
  • Silver – $40.62 - Up $0.20.
  • Platinum – $1804.40 – Up $10.40.
  • Palladium - $838.90 – Up $27.90.

« Return to Commentaries

World Market Trading Hours

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.

NYMEX Markets
8:20 a.m.-1:30 p.m. (ET)
8:25 a.m.-1:25 p.m. (ET)
8:20 a.m.-1:05 p.m. (ET)
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)

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.


There are no items in the cart.