Closing Gold & Silver Market Report – 11/2/2012

GOLD AND STOCKS DROP AS ELECTION LOOMS

A combination of several factors contributed to Gold ending the day the lowest it has been since the latter part of August. With the upcoming election generating uncertainty with investors and the report that October’s non-farm payrolls exceeded expectations, the dollar experienced a surge that pushed Gold down. Prices for Silver, Platinum, and Palladium also saw a dip today.

Despite the positive payroll data, stocks in the U.S. ended the day down as well. According to senior equity trader Larry Peruzzi with Cabrera Capital Markets LLC, the employment data was a “good report that was met with some skepticism. This election is still too close to call so it may be tough to make any bets. Between the seesawing job reports, the too-close-to-call election, mounting damage cost from Sandy and our biggest city at 50 percent, markets seem to be at a bewildered and confused point.”

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

• Gold, $1679.50, Down $37.00.
• Silver, $30.96, Down $1.33.
• Platinum, $1,544.50, Down $27.20.
• Palladium, $601.00, Down $12.40.

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