Closing Gold & Silver Market Report – 7/15/2011
Stephanie Chandler
7/15/2011 3:55:00 PM
ANOTHER ONE BITES THE DUST
Precious metals are still going strong, with gold tallying a nine-session gain of almost $108, and a 3.2% gain for the week and silver knocks at the door of $40 an ounce. Some experts are saying that the technical charts for gold based on past rallies see gold reaching $1,750 and ounce. CitiFX’s chief technical strategist, Tom Fitzpatrick, said the the next rally in gold should be similar to gold’s rally from July thru December in 2010.
The danger of a ratings downgrade for the U.S. if a debt limit increase is not approved by August 2nd now threatens to spread to the country’s top financial firms. Standard & Poor’s has notified a range of finance companies (including Aaa rated insurers, hedge funds, Fannie Mae, Freddie Mac) that if the U.S. loses its Aaa credit rating, the credit rating of those companies could be downgraded as well. S&P also stated that a downgrade of the U.S. rating could happen even if an agreement on the debt limit is reached by the required deadline if the agreement isn’t viewed to be a sufficient remedy to the debt situation.
There was news of two Georgia banks being closed by the Federal Deposit Insurance Corp., bringing the total of closed banks so far this year to an astounding 53.
At 4:00 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,594.70 – Up $4.40 on the day.
- Silver - $39.33 – Up $0.58.
- Platinum - $1,765.60 – Down $8.70.
- Palladium - $786.30 – Down $0.90.
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
