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Market Reports

Closing Gold & Silver Market Report – 9/6/2011

BERNANKE SAYS RISK TO U.S. BANKS IS SMALL

Precious metals prices have been basically flat since the Mid-Day Market Report, with gold and silver only swinging very slightly to the downside.  Stocks have pared losses this afternoon after losing as much 2.9% earlier in the day.  Many investors are still seeking a safe haven, keeping gold steady despite the late uptick in U.S. stock markets.

Europe’s ongoing sovereign debt crisis continues to hold the attention of traders.  However, according to Ben Bernanke, the risk to U.S. banks is small.  In total, estimates place the risk to U.S. banks at $200 billion, most in the form of credit default swaps, a kind of insurance policy sold by the banks against default by a borrower.  In this case, the borrowers are the European nations of Ireland, Portugal, and Greece.

A common question from precious metals investors is, “Why is gold higher than platinum?”  While platinum normally trades at a higher price than gold, platinum is an industrial metal.  With manufacturing down, demand for platinum is lagging, while gold has a strong demand as a safe haven investment.  Jonathan Butler, Publications Manager at Johnson Matthey, explains, “What we tend to see is that as the gold price moves higher, we also get a higher platinum price apart from at certain times when there's that kind of risk averse mentality.”

At 4:10 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,878.30 – down $0.60.
  • Silver price - $42.12 – down $1.02.
  • Platinum price - $1,856.50 – down $29.30.
  • Palladium price - $754.70 – down $28.50.

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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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