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Morning Gold & Silver Market Report – 8/1/2011

CONGRESS TO VOTE ON DEBT CEILING DEAL

President Barack Obama and congressional leaders came to an agreement on a deal to raise the U.S. debt ceiling  over the weekend.  The deal still has to pass the House of Representatives and the Senate to take effect, and a vote is expected later today.  For now, attention is focused on whether the deal will be enough to avert a downgrade of the top-notch AAA credit rating the country holds.

The agreement raises the debt ceiling by a maximum of $2.4 trillion (in two stages), while also including spending cuts that top out at $2.4 trillion as well.  Ratings agency Standard & Poor’s had said previously that a reduction of spending of $4 trillion would likely maintain the AAA rating.

The Markets have reacted to the news with optimism, as U.S. stock futures are up (signaling gains when Wall Street opens) along with European and Asian stocks.  Gold is trading lower on the news, coming off a record high as investors’ risk appetite grew amid the optimism regarding the debt ceiling.

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

  • Gold - $1,619.80 – Down $10.40.
  • Silver - $39.36 – Down $0.81.
  • Platinum - $1,800.50 – Up $15.20.
  • Palladium - $848.10 – Up $18.40.

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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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