Closing Gold & Silver Market Report – 8/10/2011
  August 10, 2011
U.S. STOCKS FALL AMID EURPEAN DEBT WORRIES GOLD PRICES CONTINUE TO BREAK RECORDS
Stocks in the U.S. fell to their lowest level in nearly a year as a result of general concerns about the overall global economy and specific concerns that the European sovereign-debt crisis won’t be adequately contained. The Dow closed with a 4.6% (520-point) drop, and the S& P 500 dropped 4.4%. A market strategist with Stifel Nicolaus & Co. explained the drop by saying, “The message is that the market is concerned about the financial industry.” He added, “…the banks are exposed to a deteriorating economy. The European debt crisis has a whole set of issues. The concern is about a spillover effect of that.”
Gold prices once again hit a record in trading today, at one point rising above $1,800 as investors continued to look to the precious metal as a safe haven from increasing economic uncertainties. James Dailey, a manager with TEAM Financial Management LLC, said in a phone interview today, “The race to debase currencies is on. Gold will continue to appreciate until there is a fundamental shift in government policies.” In the wake of Standard & Poor’s downgrade of the U.S.’s credit rating this past Friday, gold prices have increased $132.50 so far this week.
At 4:15 pm (CT), the APMEX precious metals spot prices were:
· Gold - $1,799.80 - Up $54.80
· Silver - $39.41 - Up $1.42
 
 
                                                 
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