Apmex Morning Gold & Silver Market Report -- July 13,2011

The following is a commentary from APMEX

APMEX Morning Gold & Silver Market Report -- July 13,2011
by Peter LaTona July 13, 2011

GOLD PRICES HIT A RECORD HIGH - Gold prices climbed to record highs this morning hitting $1,579.70. This is happening as global equity markets strengthened overnight and the U.S. stock market futures are pointing to a positive open. Gold prices were up sharply on Tuesday, feeding off the uncertainty of the European debt crisis, U.S. debt ceiling bickering and recent hints from the Fed that we could see QE3.

Speaking of the Fed, Chairman Ben Bernanke will face some tough questions during his semi-annual hearing before the House Financial Services Committee. Not only will he be asked to defend his past monetary decisions, he will likely be questioned as to whether the Fed will consider further monetary easing. Minutes of the last Fed meeting were released on Tuesday, and they revealed this subject was discussed by members.

China's second quarter growth exceeded forecasts, as its gross domestic product rose 9.5%. On the one hand, this eases the fear of the Chinese economy coming in for a hard landing, but on the other, it raises concerns about inflation. The Chinese central banks have raised interest rates several times this year with the last one coming just last week. Today's numbers are expected to strengthen Beijing's resolve to curb inflation.

At 8AM (CT) the APMEX precious metal prices were:

Gold price - $1,577.10 - Up $13.80 on the day
Silver price - $37.05 -- Up $1.36
Platinum price - $1,751.10 -- Up $14.80
Palladium price - $778.00 -- Up $8.60