http://www.apmex.com/Commentaries/430/Mid-Day-Gold-Silver-Market-Report-5-16-2011.aspx
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
News and Commentaries
Mid-Day Gold & Silver Market Report – 5/16/2011
May 16, 2011US HITS DEBT LIMIT, HALTS CREATION OF NEW DEBT – Treasury Secretary Timothy Geithner advised congress this morning that the US has reached the maximum debt limit established by congress. As of now, the government is essentially borrowing from itself to fund operations through August 2, when the “extraordinary measures” now underway will cease to be able to fund operations, and government shutdown would commence. Congress is now facing an important decision: either allow the US to default on some of its debts or raise the debt limit. Both would be unpopular and risky decisions, and this just months before election campaigns are in full swing. It’s a classic “rock-and-a-hard-place” scenario, but waiting until the 11th hour could prove disastrous, even if a solution is found.
Currencies have been unsteady this morning as investors are trying to determine how news of rape allegations against IMF head Dominique Strauss-Kahn will affect the euro. There are worries that since he is the primary in charge of the IMF’s portion of the bailouts for the Eurozone nations , if he is taken out of the picture for a while so might Portugal and Greece. The euro was doing well in the morning trade which hurt the dollar and pushed the metals higher. Randy Warren, chief investment officer of Warren Financial Service, says that, “as soon as the crisis in Europe begins to face once again… I think the dollar will get weaker,” which will be good for gold and silver.
At 12PM (CT) the APMEX precious metal prices were:
Currencies have been unsteady this morning as investors are trying to determine how news of rape allegations against IMF head Dominique Strauss-Kahn will affect the euro. There are worries that since he is the primary in charge of the IMF’s portion of the bailouts for the Eurozone nations , if he is taken out of the picture for a while so might Portugal and Greece. The euro was doing well in the morning trade which hurt the dollar and pushed the metals higher. Randy Warren, chief investment officer of Warren Financial Service, says that, “as soon as the crisis in Europe begins to face once again… I think the dollar will get weaker,” which will be good for gold and silver.
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,494.00 (up $1.10)
- Silver price - $34.18(down 92 cents)
- Platinum price - $1, 760.50 (down $9.80)
- Palladium price - $717.50 (up $7.00)
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
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