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Mid-Day Gold & Silver Market Report – 8/3/2011


The service sector data, released earlier today put the fear of global recession on the table. World stock markets are taking tremendous hits. The disappointing data is not only U.S.-based, as it also includes Asia and Europe. According to Tom Porcelli, a U.S. Economist at RBC Capital Markets in New York, "Like (with) manufacturing, the trend is undeniable. We have been slowing now since the beginning of the year…This will not quell the chatter in the market that we may be moving toward a recession."

The European Union is feeling quite a bit of upheaval as Italy and Spain are having issues with bond yields. This indicates that concerns are growing that the EU may not be able to solve its own debt crisis, thus fueling the global recession fears. The Finnish Prime Minister, Jyrki Katainen, in a public broadcast said, "The whole of Europe is in a very dangerous situation." France’s Societe Generale, a major French financial institution, may miss its profit target due to its exposure to Italian debt. The Swiss have also cut its interest rate target as well because its Franc is being deemed overvalued. The Swiss Franc is viewed as a global safe haven currency (much like gold) amid turbulent market times.

At 12:06 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,668.90 – Up $25.40.
  • Silver - $41.90 – Up $1.75.
  • Platinum - $1,783.70 – Down $9.80.
  • Palladium - $799.30 – Down $29.60.

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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.

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