Morning Gold & Silver Market Report – 8/17/2011
Ryan Schwimmer
8/17/2011 8:00:00 AM
EURO ZONE PLAN BRINGS NO RELIEF TO EQUITY MARKETS
Overseas trading was mixed last night, while U.S. Stock futures are poised to open higher. Gold prices have continued to climb since yesterday’s gains. Silver, which has not experienced the same recent gains as gold, has also trended up the past several days and is once again above $40/oz.
The highly anticipated meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel yesterday did not do enough to satisfy world investors. The growing feeling is that plans for closer monitoring of fiscal policy in the eurozone are not enough to stop the debt problem from spreading to other countries.
In the U.S., the July Producer Price Index (PPI) rose 0.2%, while core PPI, which excludes the “volatile” markets of food and energy, rose 0.4%, the largest increase since January. Higher PPI numbers point to inflation, which is yet another bad sign for the sluggish global economy.
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,788.50 – Up $1.50.
- Silver - $40.18 – Up $0.26.
- Platinum - $1,845.90 – Up $27.80.
- Palladium - $779.60 – Up $21.10.
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
