Morning Gold & Silver Market Report – 6/29/2011
June 29, 2011DO OR DIE FOR GREECE, DOLLAR LOSING GLOBAL RESERVE STATUS
Stock futures are trading higher this morning along with precious metals as the world awaits the big vote in Greece.  The Associated Press reports that it is likely that the vote on austerity measures will pass today, meeting the requirements the European Union has set for further bailout funds.  If the bill does pass, a second vote will be held tomorrow on how to get the plan implemented.  These measures being passed would likely mean a stronger euro, which in turn means a weaker dollar. Thus, the optimism in Greece has the price of precious metals rising due to the negative correlation gold normally shares with the dollar.
A group of central bank reserve managers who control more than $8 Trillion were surveyed on the status of the U.S. dollar recently.  The majority of them predicted that the dollar will lose its status as the global reserve currency by 2036.  Most of those surveyed believe that replacing the dollar will be a portfolio of different currencies.
Updates on the situation in Libya have been scarce lately, but a French newspaper reported today that France has supplied weapons to rebels in Libya.  The weapons were given in order to help the rebels advance to Tripoli, where Muammar Gaddafi’s stronghold is located.  According to the report, France did so without the approval of NATO, “because there was no other way to proceed,” according to a source.
At 8:00 am (CT) the APMEX precious metals spot prices were:
- Gold - $1,508.80 (up $8.10 on the day)
- Silver - $34.43 (up $0.71)
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