Daily Gold & Silver Market Report – 7/11/2016

Paul Stevens

7/11/2016 1:02:22 PM

METALS CONTINUE TO GAIN AS S&P HITS RECORD HIGH

Precious Metals prices continue their recent rise during Monday afternoon trading hours.  After seeing a small pullback at the end of last week, Gold is rebounding with Silver continuing to climb.  Economic slowdowns around the world, the Brexit vote and a lack of direction from the Federal Reserve have provided a continued boost to Gold’s safe-haven appeal.  Chintan Karnani, chief market analyst at Insignia Consultants, commented that momentum, investor sentiment and technicals are “all bullish for Gold and Silver right now.”

Although lingering concerns of the current global slowdown have dominated investor sentiment recently, surprisingly the S&P 500 hit a record intraday high Monday.  This news comes as a surprise to many as most analysts believe the Federal Reserve’s plan to hike interest rates will continue to be delayed.  With the market being so high, Centre Asset Management Chief Investment Officer James Abate said, “I think the market has reached a valuation point which is extreme.”

At 2:00 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,357.00 Down $2.60
• Silver, $20.32 Up $0.22
• Platinum, $1102.90  Up $4.40
• Palladium, $626.50 Up $7.90

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