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


After nearly 4 months on CreditWatch Negative, the sovereign credit rating of the U.S. was downgraded by Standard and Poor’s (S&P) late Friday night. Citing political bickering and an insufficient plan to stabilize the economy, the U.S. credit rating was changed to ‘AA+’ from the top-notch ‘AAA’ for the first time in history. S&P was the only one of the three major credit rating agencies to downgrade the U.S. so far, and Fitch Ratings said this morning that it will finish its review by the end of August and decide whether to downgrade at that point.

Since Asian markets opened last night, gold is sitting at a record high over $1,700/oz. Goldman Sachs has raised its forecast by 5% - 7.6% for gold prices, with its 12-month forecast showing $1,860/oz. Regarding silver, the bank released a note which said, “Over the long run, silver prices tend to track gold prices.” The forecast for silver prices was raised correlating with the forecast for gold prices.

The downgrade, along with the ever-looming financial crisis in the eurozone, has stock futures pointing lower after last week’s big selloff. This is all fuel for the fears of a double-dip recession and a crawling (at best) global economic recovery. While some analysts are saying that the downgrade will have only a modest impact on the markets, others disagree. Thomas Stoddard of Blackstone Group said, “I actually think it’s going to end up having more of an impact that some of the news stories are suggesting. Not having the U.S. as triple-A is just going to pop up in more places and have more frictional costs than people might suspect.”

At 8:15 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,702.20 – Up $48.40.
  • Silver - $39.64 – Up $1.32.
  • Platinum - $1,725.30 – Up $6.20.
  • Palladium - $736.00 – Down $7.70.

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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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