Closing Gold & Silver Market Report – 10/22/2012
GOLD MOVES AHEAD OF FED MEETING; GREECE REBUILDING CONFIDENCE
Gold is slowly climbing today ahead of tomorrow’s Federal Reserve meeting. There is no expectation of further easing after the recent launch of QE3, in which the Fed announced it would buy mortgage backed securities at a rate of $40 billion per month. The meeting will provide details on how the American economy has grown since last month when the Fed pushed out the new quantitative easing plan. The new plan is scheduled to end once the unemployment rate and economic state has improved substantially.
Greek Prime Minister Antonis Samaras has incurred success with rebuilding his country’s economy. The citizens believe Greece will not face bankruptcy or a eurozone exit. Citizens’ trust has been regained, and they are bringing money back to the economy to reinvest into such assets as real estate. The mood was altered when German Chancellor Angela Merkel ruled out letting the country default on its financial debt. "You might see more inflows (in future) because the rhetoric changed from the German side," said Georgios Tsapouris, an investment strategist at British private bank Coutts. "At some point you have to move before the market so there is going to have to be some opportunity," he said.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,729.10, Up $5.10.
- Silver, $32.46, Up $0.34.
- Platinum, $1,609.10, Down $3.90.
- Palladium, $626.10, Up $2.10.
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