Closing Gold & Silver Market Report – 10/31/2012

WALL STREET RETURNS TO WORK; GOLD DOWN FOR MONTH, UP FOR YEAR

Halloween isn’t enough to scare up a full day’s worth of gains on Wall Street. The stock market was open for a full day after Hurricane Sandy shut everything down for a two-day closure, the first since 1888. Jonathan Corpina, senior managing partner at Meridian Equity Partners in New York, is quoted saying, "I was driving in at 5:45 this morning in the dark, but the red and blue lights of the exchange were on, and it was clear that ours was the only building down here that was functional.” Trading started strong but moderated during the day.

Gold rose to a one-week high, breaking $1,720 earlier today. Saxo Bank vice president Ole Hansen said Gold “has been forming a good base over the last couple of days.” He continues, saying that speculators may be dipping their toes in again. The gain for Gold is a positive since it dropped 3.1 percent in October; however, Gold has gained 9.7 percent this year.

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1721.9, Up $9.30.
• Silver, $32.27, Up $0.44.
• Platinum, $1568.50, Up $17.40.
• Palladium, $605.00, Up $7.90.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.