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Mid-Day Gold & Silver Market Report – 8/5/2011


The root cause of global market conditions is seen by a number of economists as a direct failure of politicians, globally, to tackle their excessive sovereign debt problems. George Magnus, Senior Economic Adviser at UBS in London, said, "People have just become spooked by a crass failure of political leadership…There are economic solutions to economic problems, but no politicians are stepping up to the plate.” In the U.S., economic conditions are better in comparison to the late-2008 recession. Corporate earnings are flush, banks have more capital, emerging markets are growing, and there is no repeat of a global liquidity squeeze that sent the value of the dollar soaring. The U.S. economic downturn is attributed to overall slowdown in growth, breeding a lack of confidence which was seen as inevitable due to debt being incurred and a lack of savings taking place.

The European Central Bank has agreed in principle to purchase Italian and Spanish bonds. The agreement is pending fiscal policy measures being enacted by each country. France and Germany are applying their political pressure to help speed negotiations towards a resolution. There has not been mention of austerity measures needing to be implemented, but some government reform would be required. This news has caused a more positive look for U.S. stocks as well.

The jobs data, released this morning, as well as the overall concern over global economic performance, has heightened the appeal of gold from a safe-haven perspective. According to Arne Lohmann Rasmussen, an analyst with Danske Bank, Gold is “one of the few safe havens left in the financial world at the moment.”

At 12:01 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,659.50 – Up $1.70.
  • Silver - $38.51 – Down $0.99.
  • Platinum - $1,715.20 – Down $14.20.
  • Palladium - $745.90 – Down $9.10.

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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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