By Barry Stuppler – MintStateGold.com
As of 11am PDT, the spot price of Gold is $1,518.40, down $15.60 from yesterday’s quote.
Gold fell today due to a stronger U.S. dollar value (versus the Euro) and a 2.5% drop in the price of Crude Oil. The dollar rallied today after Standard & Poor’s announced they had downgraded Greece’s debt rating to triple C. Triple C is just two notches above default and Greece now has the World’s lowest debt rating for a developed sovereign government.
Silver led the correction in the precious metal sector today. As of 11am PDT today, Silver was down $1.46, trading at $34.99 per ounce. This 4% drop in the Silver price was caused by deflation concerns and no indication of QE3, which has many analysts concerned. I continue to believe we will have an announcement on the next round of quantitative easing after the national debt ceiling is raised.
Short blog today as I spent the morning finishing up the Weekly Precious Metal and Rare Coin Report, which I highly recommend reading at www.mintstategold.com/investor-education/cat/markets/