Closing Commentary – 10/20/2010
At 4PM (CT) the APMEX spot prices were:
- Gold - $1,346.60
- Silver - $23.99
- Platinum - $1,686.10
- Palladium – $591.00
COMMENTARY: The US Dollar continued its decline giving up yesterday’s gain and dropping to a 15-year low versus the Yen. The Federal Reserve regional survey showed a very “modest” expansion in September, which fuels speculation that the central bank will increase quantitative easing. In a CNBC report today, it was noted that UBS is now recommending top clients hold 7-10% of their assets in precious metals. Gold up $9 from the Morning Commentary – Silver up 32 cents – Platinum up $14.50 and Palladium $11.
If your financial advisor is recommending you increase the allocation of precious metals in your investment portfolio you might consider Gold Bars or Platinum American Eagles.
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.