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Morning Gold & Silver Market Report – 7/28/2011

DEBT CEILING VOTES TODAY; JOBLESS CLAIMS DROP

House Speaker John Boehner’s reworked debt-ceiling deal is expected to pass when representatives vote later today.  It is, however, expected to find resistance in the Senate, as Democrats have spoken out against it.  Senate Majority Leader Harry Reid is gathering support for his reworked plan as well.  The two programs are fairly similar in most parts, with the main difference being how much the deficit will be reduced.  Boehner’s plan reduces the deficit by less than $1 trillion over ten years, while Reid’s plan reduces the deficit by $2.2 trillion over ten years.  We are only five days away from the U.S. being unable to pay its interest payments.

The weekly jobless claims report was released this morning, and showed a better-than-expected drop to below 400,000.  The four-week moving average, which is typically a more accurate gauge of trends, also fell to 413,750.  Both levels are the lowest since April.  Stock futures climbed after the release of the report.  Gold is relatively flat and silver is trading lower this morning amid a rising dollar.

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

  • Gold - $1,616.80 – Up $0.70.
  • Silver - $40.18 – Down $0.45.
  • Platinum - $1,791.80 – Down $16.20.
  • Palladium - $831.50 – Down $3.70.

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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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