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Market Reports

Closing Gold & Silver Market Report – 8/11/2011

TRADERS OPTIMISTIC AS JOBS DATA PROVIDES A GLIMMER OF HOPE – In another rollercoaster day, stocks have closed significantly higher while gold and silver are down slightly.  The jobless data, released this morning, helped to ease some fears that the U.S. was headed over the cliff of a double-dip recession.  The report showed initial unemployment claims to state agencies were 395,000, beating market expectations by 5,000.  In this market, even this tiny bit of good news gave traders new confidence.

Gold fell today, after making new record highs over an over for the last few weeks.  The tumble came after an announcement by the Chicago Mercantile Exchange that it was increasing margin requirements on gold futures contracts in an effort to curb speculative buying.  Today’s pullback could be limited by continued fears of losses in the European banking sector.  Afshin Nabavi, head of trading at MKS Finance said, “There is still the uncertainty over a downgrade of France despite the rating agencies reaffirming (its) AAA rating, so it feels like gold could be in for another nervous day, with more possibility on the upside.”

At 4:15 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,772.00 – down $14.30
  • Silver price - $38.76 – down 68 cents
  • Platinum price - $1,790.00 –up $18.30
  • Palladium price - $743.40 – up $14.60

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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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