Apmex Gold & Silver Market Report -- 9/6/2011

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Author	Replies: 4 / Views: 1,460
CCFPress Press Manager United States 1420 Posts	Posted 09/06/2011 09:45 am *The following is a commentary from APMEX* APMEX Morning Gold & Silver Market Report -- 9/6/2011 (Peter LaTona), APMEX - Commentaries Heading into the Morning Trading - Gold is Up & Stocks are Down Gold prices once again approached record levels overnight before retreating to just below $1,900 per oz. Silver, platinum and palladium prices are down. U.S. stock futures are also sharply lower on the news out of Europe and the continued disappointment with last week's jobs report. The European sovereign debt crisis grew even more worrisome over the weekend, when German Chancellor Merkel's political party suffered election losses. The euro-zone rescue is looking more tenuous, as current administrations could be replaced by administrations more reluctant to bailout at-risk nations. The big news of the morning is coming out of Switzerland. The value of the Swiss franc, as measured by the value of other world currencies has been rising sharply of late, due to its safe haven appeal. The Swiss have been very concerned and now they have taken steps to weaken the franc. The Swiss National Bank (SNB) shocked the markets today by announcing a cap on the Swiss franc. Driven by the fear that a soaring franc will lead to recession, the SNB said it would no longer tolerate an exchange rate below 1.20 francs and they are prepared to purchase other currencies in unlimited quantities to make this happen. Analysts believe the SNB can make this happen because it can print an unlimited amount of francs. However, it will not solve the European-debt problem, which is at the heart of the matter. This announcement will add fuel to the currency wars with Japan prepared to weaken the Yen, if buyers move to the Yen from the Swiss franc. Gold prices rose sharply on the news as its safe haven appeal only intensifies. At 8AM (CT) the APMEX precious metal prices were: Gold price - $1,896.80 -- up $17.90 Silver price - $42.32 -- down 82 cents Platinum price - $1,870.00 -- down $15.80 Palladium price - $763.70 -- down $19.50 Report this Post to the Staff

LastGold Valued Member United States 228 Posts	Posted 09/06/2011 11:01 am Its a race to the bottom, with different countries printing and printing to become weaker than the next currency. What isn't widely accepted yet - is that the U.S. will have to do the same soon... Forget the Feds mandates of keeping unemployment low, and inflation in check - the only option eventually to meet the fantastic debts accumulating - will be to print more $$. Got gold & silver? Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 09/06/2011 12:09 pm Quote: What isn't widely accepted yet - is that the U.S. will have to do the same soon... Been doing it. QE1, QE2, etc. Report this Post to the Staff
LastGold Valued Member United States 228 Posts	Posted 09/06/2011 12:55 pm What they have been doing, is not remotely on the scale of the hyper printing that will be necessary in the coming years. Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 09/06/2011 7:01 pm That's ok, zeros are cheap. Report this Post to the Staff
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