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Mid-Day Gold & Silver Market Report – 7/27/2011

HURDLES FOR DEFICIT-REDUCTION PLANS; FED WON’T STEP IN

Hurdles are popping up all over the place in Washington as both Democrats and Republicans are working on proposals to cut the national deficit.  House Speaker John Boehner saw his proposal delayed due to strong opposition from both parties, while Senate Majority Leader Harry Reid’s plan is being reworked due to not cutting as much as advertised (much like Boehner’s plan as well).  One analyst believes that losing the top-notch AAA credit rating is an inevitability for the U.S., even if a deal is reached.  Standard & Poor’s has outlined the steps needed to maintain the AAA rating, and the criteria seems unlikely to be met at this point.

Some speculation was that the Federal Reserve could step in at the 11th hour to keep the U.S. from defaulting.  According to testimony from Chairman Ben Bernanke, this is untrue.  He says that not only are there considerable legal restrictions, but also that the independent organization that is the Fed would not want to to step into what has become a huge political issue.

Gold has traded in a fairly small window up and down today, with the debt deal uncertainty supporting prices and, most likely, profit-taking or loss covering in other markets pushing the other way.  Frank McGhee of Integrated Brokerage Services LLC says, “A [credit-rating] downgrade increases the cost of carrying this debt.  The level of U.S. government borrowing has caused the erosion of the dollar and adds more fuel to the metal’s rally.”

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

  • Gold – $1,614.40 – Down $3.30.
  • Silver – $40.59 – Down $0.17.
  • Platinum – $1,808.60 – Up $1.40.
  • Palladium - $834.50 – Down $3.60.

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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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