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Market Reports

Closing Gold & Silver Market Report – 8/30/2011

Gold traded slightly higher this afternoon after surging in morning trading, closing up more than 2%.  Stocks fell back from their peak this afternoon while gold continued to climb.  Silver also made solid gains and also closed higher by almost 2%.

The minutes from the meeting of the Federal Open Markets Committee were released this afternoon.  The minutes show that many policy makers at the Federal Reserve are showing support for a more aggressive stimulus move by the Fed than what was outlined by Ben Bernanke at the Jackson Hole conference.  The members of the Fed in favor of more stimulus point to consistent fears of a double-dip recession in Europe and a stubbornly high unemployment rate here at home.  Proposed steps are a swap of short-term U.S. bonds to long-term bonds, probably pushing interest rates on long-term consumer debt (like mortgages) lower.  The Fed could also lower key interest rates past their already-low rates.

Bill Gross, founder and CEO of Pimco, the company that oversees the world’s largest mutual funds, says that he sees a danger of a recession in what he calls the “developed econom[ies]” of the U.S. and Europe.  His strategic view sees more stability and safer bets in Australia, Mexico, the U.K., and Canada.

At 04:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,839.60 – up $46.00.
  • Silver - $41.46 – up $0.79.
  • Platinum - $1,857.60 – up $31.60.
  • Palladium - $774.10 – up $18.40.

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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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