Morning Gold & Silver Market Report – 7/1/2011
Ryan Schwimmer
7/1/2011 8:03:00 AM
METALS DOWN AS INVESTORS AWAIT REPORTS
Stock futures are flat while precious metals trade down as investors await a key manufacturing index’s release later this morning. Analysts are expecting the Institute for Supply Management’s June manufacturing index to remain close to 53%. Morten Kongshaug of Danske Bank explained that if the index drops to a level near 50%, it indicates another recession. Also being released later will be automobile sales for June. Rising oil prices, a gaining dollar, and Greece’s approval of an austerity package and plan have impacted the price of precious metals.
There have been no major developments regarding the U.S. debt ceiling since yesterday. However, Syria and Libya are both in the news again. Secretary of State Hillary Clinton said that Syria is running out of time to reform, or face more organized resistance. She added, “[W]e’re looking for action not words and we haven’t seen enough of that.” In Libya, rebels advancing towards Tripoli were pushed back by rockets from government forces.
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,489.50 (down $14.30 on the day)
- Silver - $34.02 (down $0.88)
- Platinum - $1,711.00 (down $15.10)
- Palladium - $753.10 (down $9.60)
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
