Daily Gold & Silver Market Report – 5/11/2015

Paul Stevens

5/11/2015 10:55:00 AM

METALS DOWN AS INVESTORS AWAIT DATA, GREEK RESOLUTION

Precious Metal prices are relatively flat during morning trading as investors continue digesting Friday’s economic data while awaiting upcoming data this week. Although the U.S. dollar had a small rebound on continued concern over Greece’s debt talks with Eurozone finance ministers, Friday’s mixed economic data held things in check as investors expect the Federal Reserve will not raise interest rates until late this year. Saxo Bank senior manager Ole Hansen said, “We are seeing the first signs that the dollar correction we have seen for a few weeks may have run its course for now, and that attracts some attention to the downside.  People may be worried about Greece, but at the same time they are not prepared to take investment decisions based on that.”

U.S. stocks are standing pat on falling energy shares and declining crude oil prices. As investors monitor the Greek situation, pressure on European markets has provided a small amount of support to U.S. markets. Mark Luschini, chief investment strategist at financial services firm Janney Montgomery Scott in Philadelphia, said, “There will be some carry-over from the positive jobs report but not at the same magnitude.”

At 11:55 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,183.50. Down $8.70
• Silver, $16.32 Down $0.23
• Platinum, $1,127.10 Down $17.40
• Palladium, $784.50 Down $19.90

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