Mid-Day Gold & Silver Market Report – 10/29/2012
WHICH PRESIDENTIAL CANDIDATE IS BETTER FOR GOLD?
Precious Metals have pulled back in morning trading as the U.S. dollar gained. Jeffrey Wright of Global Hunter Securities said, “The fundamentals of Gold never halt — even with a storm looming. The attention this week will be on the employment report on Friday as well as U.S. election next Tuesday. [A Mitt Romney victory] would imply return to sounder U.S. dollar policies over his term and could put pressure on Gold in the short term. A second term for President Barack Obama would continue policies of record deficits and a weakening U.S. dollar,” which would benefit Gold in the short-to-long term.
Going along with Wright’s opinions, a survey of fund managers also believes that a second Obama term would be better for bonds, while stocks would enjoy more victories with Romney as president. Analysts at Barclays wrote, “Obama’s victory would likely be perceived as preserving the status quo. A Romney win is more likely to suggest a change of direction to clients by way of a better growth outlook.”
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,709.50, Down $2.90.
- Silver, $31.83, Down $0.23.
- Platinum, $1,533.30, Down $10.20.
- Palladium, $590.00, Down $6.40.
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