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Morning Gold & Silver Market Report – 8/10/2011

DOES YESTERDAY’S FED STATEMENT MAKE QE3 MORE LIKELY?

According to Goldman Sachs, the answer would be yes. In a statement yesterday, chief economist at Goldman, Jan Hatzius said, "we now see a greater-than-even chance that the FOMC will resume quantitative easing later this year or in early 2012. We have changed our call because today's statement suggests that the committee's reaction function to incoming economic news is more dovish than we had previously thought."

Yesterday, the U.S. stock market experienced a 600 point swing, closing up over 400 points. The upswing occurred as the market digested the afternoon Fed statement. Chairman Bernanke’s statement seems to promise that the Fed would leave interest rates at their current low level for another two years. This morning, stock futures are falling, as markets continue to digest the implications of the Fed Statement. Gold prices have held steady throughout, while silver prices have seen a decline.

The U.S. Mint has halted the sale of gold collector coins to give them time to reevaluate their pricing in light of recent gold prices. This re-pricing is expected to be complete by late Wednesday. This does not affect the sale of American Eagle bullion coins, which are not sold direct to the public. They are only sold to authorized purchasers of the U.S. Mint, of which the American Precious Metals Exchange is one of thirteen.

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

  • Gold price - $1,767.40 -up $22.40
  • Silver price - $38.51- up 58 cents
  • Platinum price - $1,758.30 – up $1.90
  • Palladium price - $746.00 – up $9.40

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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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