Call Us: 800.375.9006

Free Shipping on Orders Over $99



Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 10/6/2011


Precious metals prices have remained relatively steady since the Morning Gold & Silver Market Report. A contributing factor to that steadiness has to do with what is happening with the Greek debt crisis and an improvement in domestic stock prices. "The whole gold market hinges on the investor enthusiasm and that has taken [a] big backward step," said Nick Moore, an Analyst at RBS Global Banking & Markets. "Investors have got other places to fish at the moment, and gold isn't the default option that it has been." A couple of interesting things have come up surrounding gold, as Venezuela’s central bank chief has said that Venezuela will repatriate its gold stores held abroad, almost $11 billion in gold and London clearing house LCH.Clearnet has said it will start accepting gold bullion as collateral by the end of the month, pending regulatory approval.

The increasing likelihood of a Greek default continues to be the epicenter of all seismic activity in the eurozone. With the threat of default looming, the European Central Bank (ECB) has stepped up its efforts to recapitalize banks, which in turn is opening up new cans of worms. If a bank does not have enough capital to handle the loss, the loss becomes more substantial. Stress tests for banks that were previously done and showed successes for most banks in the region are proving a bit more futile based on what has happened with Dexia, a European bank that passed with flying colors in July, but had not properly disclosed its exposure to government debt. "Dexia is just one particular case, but we may have other particular cases that were not identified as being in a vulnerable position in July but because of the developments in sovereign debt markets may find themselves in that category," an EU official said.

The issue at hand is that the new recapitalization of the banks is a fundamental shift in philosophy than when the euro was first established. That’s why Juergen Stark resigning in September was not big news at the time, but the impact of his resignation is resounding loudly now. The recapitalization measures being discussed could make or break current ECB President Jean Claude Trichet.

At 12:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,646.80 – Up $3.20.
  • Silver - $31.57 – Up $1.18.
  • Platinum - $1,509.00 – Up $26.10.
  • Palladium - $601.50 – Up $29.10.

« 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.