GOLD’S PRICE SURPASSES PRESSURE; AMERICANS CONFIDENT IN THE ECONOMY ONCE AGAIN
Gold is being tested at the $1,700 price point, but is reassuring investors again this week who believe the metal may have a lower correction. “I don't think we'll break too far out from $1,700 or $1,715,” Bank of Nova Scotia's head of Precious Metals Simon Weeks said. “There's good physical interest on the dips.” The U.S. stock markets are confirmed closed today and Tuesday as Hurricane Sandy approaches the East Coast. The U.S. presidential election and the fiscal cliff are approaching quickly as the next important issues affecting the economy and the Precious Metals market.
Americans are feeling more confident in both the U.S. economy and their personal finances based on several data points released in October. “People feel we’re out of the woods, but we’re not in the clearing,” said Lydia Saad, a senior editor with Gallup. The housing market and the unemployment rate are key points to a successful economy, both of which have shown improvement over the past few months. The job security in the workforce is growing stronger while the unemployment rate slowly declines. With the achievement of both factors we can hopefully see the economy in full recovery soon.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,710.40, Down $2.00.
- Silver, $31.79, Down $0.27.
- Platinum, $1,537.10, Down $6.40.
- Palladium, $590.70, Down $5.70.
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