Closing Commentary – 10/19/2010
At 4PM (CT) the APMEX spot prices were
- Gold - $1,332.30
- Silver – $23.39
- Platinum - $1,666.50
- Palladium - $572.40
COMMENTARY: The day brought two surprises. First, the unexpected announcement that China was raising its lending rates by .25% thus driving up the price of the dollar, and then the eight firms suing Bank of America for 47 billion dollars over failures related to mortgage securities. These two announcements helped drive the equity and precious metals markets down. Gold lost another $10 from the Mid-Day Commentary. Meanwhile, the QE still seems a certainty for November, although there is much uncertainty on how it will be implemented.
When gold and silver prices decline as much as they did today, astute investors often jump in with basic bullion products like the Gold American Eagle or the Silver Canadian Maple Leaf.
APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.