GOLD & SILVER PRICES DECLINE IN MORNING TRADING
Two forces are affecting Gold and Silver prices this morning. One is profit taking as traders take a portion of their profits off the table. The second is the rising U.S. dollar relative to the euro and other currencies. Investors are still digesting Friday’s jobs report, which stemmed the tide of the falling dollar. Today’s meeting of Europe finance ministers will be closely watched. Spain and Greece will be the hot topics. No decisions are expected today, but discussions will be the prelude for the next meeting in Brussels on Oct. 18-19 that will answer whether Spain will ask for a bailout and what to do about the Greek debt.
The situation in Greece has become so volatile that special preparations are being made for German Chancellor Angela Merkel’s visit on Tuesday. Chancellor Merkel’s call for austerity measures is not popular with the Greek populace. Greece is preparing for two days of strikes with over 7,000 plainclothes police and hundreds more undercover agents. Snipers will be stationed on rooftops throughout the city.
Despite recent strong gains in the U.S. stock market, investors are bracing for the worst earnings season since 2009. Analysts are expecting earnings to decline, after 11 quarters in a row of gains. These poor results are attributed to the slower than expected U.S. economic recovery and the overall economic slowdown worldwide.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,771.90, Down $8.40.
- Silver, $33.96, Down $0.62.
- Platinum, $1,684.40, Down $19.80.
- Palladium, $653.50, Down $10.70.
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