Closing Gold & Silver Market Report – 10/30/2012
GOLD STAYS FLAT IN STORMY WEATHER; EUROPE SHOWING IMPROVEMENT
Gold hovered today as Hurricane Sandy passes over the East Coast of the United States. While there has not been much movement in the price of Gold, the small amount has been positive. A couple of reasons have been the positive economic reports out of Europe and the news of more monetary easing. One of the main reasons for continued easing in the U.S. is the lack of improvement in the unemployment rate. Peter Fertig, a consultant with Quantitative Commodity Research, said, “The level of unemployment is still at a level where the Fed does not feel comfortable with it.”
Reports from two of the leading European financial institutions have shown signs of hope in a failing economy. Even though the news of a financial collapse in the region was common, the new banking reports have given talk to a strong recovery. UBS CEO Sergio Ermotti was quoted in a recent article as saying, “I’m very pleased with the way we performed in the third quarter…it really started bad but…across the board we were able to manage profitability in all the segments of the bank. If you look at wealth management we had the best quarter in five years in terms of making money.”
At 5 pm (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1710.50, Up $1.30.
- Silver, $31.81, Up $0.05.
- Platinum, $1552.90, Up $21.50.
- Palladium, $595.50, Up $4.80.
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