Morning Gold & Silver Market Report – 10/1/2012
SILVER CROSSES $35; GOLD PRICE CLIMBS ABOVE $1790
Gold and Silver prices opened lower in early morning trading, but prices moved up rapidly as the opening bell neared. Eurozone manufacturing data that came out this morning confirms the worst performance since the Great Recession. Despite widespread cost cutting to make products more attractive, consumer demand continues to drop. Some analysts speculate that problems in the eurozone periphery are not affecting root members such as Germany.
Manufacturing numbers in the United States may have contracted again in September, which would be the fourth straight month. Exports are down as a result of a cooling global economy, while at the same time, U.S. consumers continue to spend less. The U.S. jobs outlook is not looking any better, as weakening demand is causing companies such as Bank of America, Hewlett-Packard Co, Staples Inc and Eastman Kodak Co to look to further cut costs.
At 9 a.m. EDT the APMEX Precious Metals spot prices were:
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- Gold, $1,790.90, Up $18.00.
- Silver, $35.38, Up $0.80.
- Platinum, $1,681.10, Up $14.80.
- Palladium, $654.00, Up $12.30.
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.