Closing Gold & Silver Market Report – 7/01/2011
Geoffrey Varner
7/1/2011 4:28:00 PM
JULY IS IN LIKE A BEAR FOR GOLD – The precious metals market saw losses across the board today as strong manufacturing data out of the U.S. and a positive sentiment from the EU on Greek debt encouraged investors to move into other investments. Jim Steel, a metals analyst with HSBC in New York said, “It’s really in line with the overall commodity decline.” Other commodities, notably oil and grains, have made pronounced declines as well.
Analysts at BNP Paribas have put the movement of gold into perspective. They note that inflationary pressures lead to safe-haven buying. Gold had fertile ground to grow in the first and second quarters this year with the euro-zone crisis and a weak dollar. Now, with much of the economic tension from the euro-zone settling down, the next pressure on gold is likely to come as the August 2nd deadline nears on the U.S. debt ceiling. As the date draws nearer, there could be a shift in risk as investors move back to the safe-haven of gold.
At 4:15 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,489.00 - Down $14.80 on the day.
- Silver - $33.95 - Down $0.95.
- Platinum - $1,721.70 - Down $4.40.
- Palladium - $762.00 - Down $0.70.
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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
