Call Us: 800.375.9006

Free Shipping on Orders Over $99



Our Daily
Market Reports

Closing Gold & Silver Market Report – 8/17/2011


Gold ended the day by hitting another record, finishing at $1793.80 per ounce, a gain of $8.80. This, after trading as high $1,797 earlier in the day, driven by investor apprehension over the debt crisis in Europe and an overall lack of confidence in the economy worldwide. Silver also ended the day on a high note, settling at $40.35 per ounce, its best performance in two weeks.

Stocks here in the U.S. experienced a second session of losses today, with the Dow falling 17.29 points and the S&P 500 dipping 3.18 points. In response to today’s market losses, Stuart Freeman, Wells Fargo Advisors’ chief equity strategist, said, “We’ll likely continue to be in a volatile space here for awhile; we’re mostly out of earnings season, and guidance for the end of the year wasn’t real specific for most companies.”

An executive with Morgan Stanley Asia is warning that China may be planning to stop purchasing U.S. treasuries in response to this country’s slow economic growth. In an interview with CNBC, Steven Roach, Morgan Stanley Asia’s non-executive chairman, said that if that happens, the U.S. could experience an increase in interest rates, a weaker dollar, and an inability to fund itself the way it has been. "This is China’s wakeup call," said Mr. Roach, adding that China can "no longer afford to stay the course of export-led growth that is hooked on the bandwagon of the American consumer." He went on to say that China will be turning more towards internal consumption as part of that its updated five-year plan.

Venezuelan President Hugo Chavez announced today that he intends to nationalize the gold industry in Venezuela in an effort to increase gold reserves for the country. In an appearance on state-run television in Venezuela, Chavez stated, "We are going to nationalize the gold and we are going to convert it, among other things, into international reserves because gold continues to increase in value." President Chavez’s announcement came after a government report was leaked yesterday that recommended repatriating 90% of the country's gold reserves, of which approximately 63% is being held abroad right now.

At 4:25 pm (CT), the APMEX precious metals spot prices were:

· Gold - $1,793.60 - Up $6.60

· Silver - $40.36 - Up $0.44

· Platinum - $1,845.00 - Up $26.90

· Palladium - $778.50 - Up $20.00

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

NYMEX Markets
8:20 a.m.-1:30 p.m. (ET)
8:25 a.m.-1:25 p.m. (ET)
8:20 a.m.-1:05 p.m. (ET)
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)

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.

 (0)

There are no items in the cart.