Mid-Day Gold & Silver Market Report – May 6, 2011
Peter LaTona
5/6/2011 12:43:00 PM
OIL PRICES RECOVER – GOLD PRICES AS WELL- Commodities are bouncing off yesterday’s declines and we once again have the unusual occurrence of oil, stock and precious metal prices headed in the same direction. Yesterday, they were all down and today they are all up. Goldman Sachs predicted the correction in oil and they are now predicting a new oil rally. We would not expect all these asset classes to continue moving in the same direction, but we do understand there is a strong positive correlation between oil and gold prices.
Is it possible that Greece is considering withdrawing from the Euro Zone? Spiegel Online is reporting that sources close to the situation are saying that Greece is considering abandoning the euro and reverting back to their own currency. It is also being reported that the European Commission has called for a crisis meeting Friday night in Luxembourg. A move like this would be seen as disastrous to the European economy. It must be said the European officials are denying this report.
There is growing debate as to how good this morning jobs report actually is when factor that the jobless rate jumped back up to 9% again. Economist will need to spend time analyzing these two conflicting signals before we can get any clear indications as to where the economy is heading.
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,489.80 (up $7.10)
- Silver price - $35.36 (down 95 cents)
- Platinum price - $1,786.00 (up $6.80)
- Palladium price - $717.00 (up $4.20)
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
