Closing Gold & Silver Market Report – 10/1/2012
IS THE ECONOMY REALLY IN “PRETTY GOOD SHAPE?”
Precious Metals prices fell in afternoon trading, though the prices are still being supported by easing monetary policy and lingering eurozone troubles. Silver, Platinum, and Palladium were boosted by positive manufacturing data due to their industrial uses. Chicago Fed President Charles Evans “was extremely dovish” about the third round of quantitative easing in the U.S., according to RJO Futures’ Phillip Streible. “He was full-throttle on QE.”
Scott Nations, president and chief investment officer at NationsShares, says that the economy is in “pretty good shape”. He added, “Spanish banks are only 60 percent as broke as we feared, and I think that’s good enough to overcome eurozone joblessness of 11.4 percent”. Nations cited unlimited bond-buying as a positive in the eurozone, suggesting that such an act will overshadow the politics that have crippled some eurozone economies. Although Nations downplays many of the issues for the global economy right now, many other analysts and experts disagree.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,776.40, Up $3.50.
- Silver, $34.70, Up $0.13.
- Platinum, $1,681.20, Up $14.90.
- Palladium, $646.10, Up $4.40.
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