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Closing Gold & Silver Market Report – 8/12/2011

Wild Week of Ups & Downs Ends on a High Note

This was one of the most volatile weeks for the stock market in recent memory, but with today’s 125 point gain, stocks are only down 1% for the week. Gold prices were down sharply for most of the day, but have rallied back up towards even as we come to the close. Silver, platinum and palladium were up throughout the day. Is the worst of the selling over? Will aggressive buying come back in? Are we still on the verge of a double dip depression? There is a multitude of opinions, but does anyone really know? Stay tuned. It all begins again next week. The only true protection may lie in a well balanced and diversified portfolio, utilizing the four asset classes of stocks, bonds, cash and gold.

One thing we can be sure of is that all eyes will still be on Europe next week. Today, the Italian government approved new austerity cuts aimed at avoiding another Greek situation for the European Central Bank (ECB). The ECB had insisted on these measures as they know the Italian economy is too large for them to bail-out. Italy’s Cabinet pushed through these cuts despite strong opposition from local government officials, who denounce these as unjust and damaging to the economy. Next Tuesday, we will be watching the Merkel (Germany)-Sarkozy (France) meeting with great interest. German Chancellor Merkel is coming under more and more political pressure regarding their financial support for the European Union.

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

  • Gold price - $1,751.10 – down $2.40
  • Silver price - $39.18  -up 41 cents
  • Platinum price - $1,800.00 – up $7.60
  • Palladium price -$749.00 – up $13.20

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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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