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Gold, Silver Up Amid Rising Greek Debt Worries

(AP) — Gold and silver prices rose Tuesday as investors worried about the latest efforts to give more emergency loans to Greece.

Gold, Silver Up Amid Rising Greek Debt Worries

Gold for August delivery rose $30.10 to settle at $1,512.70 an ounce after dipping below $1,500 an ounce on Friday. September silver gained $1.705, or 5.1 percent, to settle at $35.41 an ounce. Investors consider precious metals like gold and silver to be stable stores of value and tend to buy them when they anticipate instability in other financial markets.

Gold, Silver Up Amid Rising Greek Debt Worries

European leaders are discussing a second round of emergency loans for Greece. Standard & Poor’s said it believes a French proposal to have banks roll over their Greek debt holdings would be considered a form of default.

Investors have been concerned for weeks that the broader European economy could be affected if Greece defaults on its loans. That could lead to slower demand for commodities such as oil, copper and agricultural products.

“S&P’s statement underscores the danger the authorities face as they attempt to change the terms of prior debt offerings while simultaneously trying not to run afoul of the ratings agencies,” MF Global senior commodities analyst Edward Meir wrote in a note to clients.

In other trading, metals used in manufacturing rose after the Commerce Department said factory orders increased 0.8 percent in May as demand increased for airplanes, autos and oil drilling equipment. That compared to a decline of 0.9 percent in April.

Copper for September delivery rose 4.5 cents to settle at $4.3475 a pound. October platinum gained $25.30 to settle at $1,742.10 an ounce and September palladium rose $18.20 to $775.65 an ounce.

Wheat and corn prices climbed after a sharp drop last week triggered more interest from buyers.

Wheat for September delivery gained 23.25 cents, or 3.8 percent, to settle at $6.355 a bushel. December corn added 15.75 cents, or 2.6 percent, to settle at $6.125 a bushel and November soybeans rose 5.5 cents at $13.18 a bushel.

Oil and energy products all rose on the day. Benchmark crude for August delivery gained $1.95 to settle at $96.89 per barrel on the New York Mercantile Exchange.

In other Nymex contracts, heating oil gained 3.21 cents to settle at $2.9566 per gallon, gasoline rose 0.48 cent to $2.9774 per gallon and natural gas rose 4.1 cents to $4.371 per 1,000 cubic feet.

Comments (13)

  • anthrax13
    Posted on July 13, 2011 at 11:06am

    Greece and Portugal are sitting on tons of gold The IMF sits on thousands of ponds/tons we keep printing money and supporting the failed European nightmare and their pathetic attempt at taking over the financial aspects of the Middle East and Africa.Check out the financial times April19th 2011,map matches perfectly to outbreaks of violence along with pdf file from WestPoint on Africa and the Middle East.Do the right thing for our troops Soros and his 11tons is crap get the real truth out and do the right thing quit being used and wrapping yourself in the false American Flag.Some of us know the difference, you made a comment in one of your shows about people being on their knees it applies across the board. Some of us in this country aren’t buying any of the lines the onion and story go very deep. I am from Texas enjoy the lighting.
    Anthrax

    Report Post » anthrax13  
  • anthrax13
    Posted on July 13, 2011 at 11:03am

    Greece and Portugal are sitting on tons of gold The IMF sits on thousands of pounds/tons we keep printing money and supporting the failed European nightmare and their pathetic attempt at taking over the financial aspects of the Middle East and Africa.Check out the financial times April19th 2011,map matches perfectly to outbreaks of violence along with pdf file from West Point on Africa and the Middle East.Do the right thing for our troops Soros and his 11tons is crap get the real truth out and do the right thing quit being used and wrapping yourself in the false American Flag.Some of us know the difference, you made a comment in one of your shows about people being on their knees it applies across the board. Some of us in this country aren’t buying any of the lines the onion and story go very deep. I am from Texas enjoy the lighting.
    Anthrax

    Report Post » anthrax13  
  • raderby
    Posted on July 7, 2011 at 6:05am

    I have half dollars that are worth 16 bucks each now. A balanced approach of FOOD – WATER – AMMO – Au – Ag.

    Report Post » raderby  
  • BlazingPatriot
    Posted on July 6, 2011 at 11:17pm

    Buy silver dimes and quarters!!

    In the near future, if (when) the dollar becomes worthless, those little silver dimes may be worth $10 a piece!

    ….and with the possibility of hyper-inflation, it will take one or two of them just to buy a loaf of bread.

    Report Post » BlazingPatriot  
  • Southernguy
    Posted on July 6, 2011 at 4:28pm

    Hmmmmmmm, $1500 an ounce? I think I’ll buy another $1500 worth of ammo, and we’ll see which is worth more when the SHTF ;)

    Report Post » Southernguy  
  • vennoye
    Posted on July 6, 2011 at 3:01pm

    Snow
    Think all 3 of your questions are valid……especially the third one. History repeating itself?

    Report Post » vennoye  
  • chickenfried
    Posted on July 5, 2011 at 11:03pm

    Try Silversaver. These guys make it super easy.
    https://silversaver.com/share/PB69J/

    Report Post » chickenfried  
  • Snowleopard {gallery of cat folks}
    Posted on July 5, 2011 at 8:39pm

    So now the question has to be asked of…

    How much higher will it go?
    How long until it crashes totally?
    How long until the Fed’s seize it?

    Report Post » Snowleopard {gallery of cat folks}  
  • avenger
    Posted on July 5, 2011 at 8:37pm

    Gold is the best disaster insurance one can own.I have enrolled in a monthly savings program where you can by gold by the gram.The investment is $80/$100 +,no fees or hidden charges. you can find more info on their web site http://det.goldfromkb.com

    Report Post »  
  • jacobstroubles
    Posted on July 5, 2011 at 5:59pm

    As Goes Greece, so does the rest of the world…. anybody see what’s happening to Portugaul?…
    Uhhh oh…. s&p says they’re junk bond status now…
    Ooooooooooopsy… big probems now…
    Greese will default…. and the domino effect will happen..
    we have maybe 2 weeks at best

    Report Post »  
  • fastfacts
    Posted on July 5, 2011 at 5:55pm

    Sorry the CEO went on CNBC not Fox News.

    Report Post »  
  • fastfacts
    Posted on July 5, 2011 at 5:55pm

    GOLD IS GOING UP AND SO IS OIL

    Obama‘s Oil Reserve release didn’t work that long. Instead it’s his policies that are hurting oil/gas prices.. The less oil we produce the more the price of oil increases. Remember OPEC won’t stop the incline of oil prices, but we are not controlled by OPEC and we need to go over their head.

    Remember an Oil CEO went on Fox News and said that he could hire thousands ( http://tiny.cc/40rhz ) if Obama stops his moratorium. You know the moratorium he said he was lifting, but still we are not releasing permits.

    Report Post »  

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