Mid-Day Gold & Silver Market Report – 11/8/2012
GOLD RISES AND STOCKS FALL ON NEWS FROM EUROZONE
The Gold price has risen today, following the euro’s rise after the European Central Bank (ECB) reaffirmed its intentions to pursue recently adopted monetary policy. Europe is in the spotlight today “with the ECB keeping accommodative policy in place and rates steady,” Jeffrey Wright, a managing director at Global Hunter Securities, said. “ECB policies, much like our own, eventually lead to inflation, which support Gold.” ECB President Mario Draghi announced plans to keep the central bank’s key lending rate at 0.75 percent. “Economic activity in the euro area is expected to remain weak," Draghi stated as he pronounced a continuance of economic stimulus for the region.
The Dow Jones and S&P 500 have both fallen again today on news that a bailout for Greece will be further delayed until late November. The report has pushed stocks toward their lowest level since August. “It’s hard bargaining for Greece,” Alan Gayle, a senior strategist at RidgeWorth Capital Management in Richmond, Virginia, said. “The risk of a recession is still out there.” Along with the continued uncertainty in the eurozone, American investors are still anxiously awaiting positive news from Washington concerning a resolution to the upcoming fiscal cliff.
At 1:28 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,726.10, Up $10.50.
- Silver, $32.22, Up $0.51.
- Platinum, $1,540.00, Up $2.00.
- Palladium, $614.50, Up $3.10.
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