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


Conventional wisdom was that, with all signs pointing to an agreement between Democrats and Republicans on raising the federal debt limit, the market would see a boost as business and investor confidence increased. However, today’s reality was that after a brief rally this morning, stocks ended low in the face of uncertainty over whether the terms of the debt deal really do anything to address the country’s deficit issues.  Adding to this were fears centered around disappointing manufacturing data. Those terms, which include a $400 billion increase in the debt limit immediately, a $500 billion increase this fall, immediate spending cuts of $900 billion, and the creation of a Congressional commission to identify another $1.2 trillion in spending cuts, were described by former Under Secretary of Commerce Robert Shapiro as “a mindless way to run a government.” J.J. Kinahan, managing director with TD Ameritrade, was quoted as saying, “Debt deal or no debt deal, we have some fundamental problems in the economy that we're not dealing with.”

Around the world, signs are that investors are still looking to gold for safety in the midst of continuing economic turmoil. According to information acquired by Bloomberg, July 29 saw a record $113 billion in holdings of gold-backed exchange-traded products. Gold has seen a gain of 15% so far this year, outperforming Standard & Poor’s GSCI gauge of 24 commodities’ gain of 7.4%. Charles Morris of HSBC Global Asset Management has stated, “I would expect it to be a very popular asset at its peak, and I don’t think we’re anywhere near that. We think it’s a bull market and we’re on it.”

At 4:15pm (CT), the APMEX precious metals spot prices were:

· Gold - $1,621.50 - Down $8.70

· Silver - $39.34 - Down $0.83

· Platinum - $1,794.70 – Up $9.40

· Palladium - $831.00 - Up $1.30

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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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