Mid-Day Gold & Silver Market Report – 10/16/2012
STOCKS AND GOLD BOTH RISE ON ECONOMIC DATA
U.S. stocks made gains today following better-than-expected reports on domestic industrial growth and corporate earnings. At this point, less than 10 percent of S&P 500 companies have reported their numbers with 61 percent topping revenue expectations. Profit figures have been the major driving force in equities markets during recent sessions. These gains have been overshadowing far reaching economic indicators, namely the ongoing debt crisis in Europe.
Gold is also up today as investor anxiety continues over whether Spain will finally seek a line of credit with the European Central Bank. Today’s moderate gains come after two days of sizable price dips. The $200 rally that Gold has experienced in the last two months has yet to breach the $1,800 barrier. The Federal Reserve’s unlimited bond-buying program has been expected to cause dollar devaluation which could drive up the price of Gold and other Precious Metals. “From an inflation standpoint, the fact that the [Consumer Price Index] is in line gives the Fed more room to continue easing,” said Adam Sarhan, CEO of Sarhan Capital.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,745.00, Up $7.90.
- Silver, $32.94, Up $0.18.
- Platinum, $1,643.00, Up $13.70.
- Palladium, $639.60, Up $6.00.
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