At 8:00 AM(CT) the APMEX precious metals spot prices were:
Gold price - $1,350.60; +$7.10
Silver price - $24.19; +$0.29
Platinum price - $1,702.60; +$11.60
Palladium price - $643.10; +$11.70
COMMENTARY: The Gold markets moved more slowly overnight as the markets digested the jump in prices from the previous day. Traders are pointing to data to be released today, the 3rd quarter GDP (Gross Domestic Product) growth from the U.S., as this is the last important data point before the U.S. Federal Reserve Bank meets next week to determine the nature and scope of the expected quantitative easing. (“Quantitative easing” –or QE as it is called in the markets--is a process by which the Federal Reserve Bank increases the money supply in the U.S., presumably to increase stimulation in the economy but at the risk of higher inflation in future years). The data was released this morning with the report that the U.S. GDP rose at an annual rate of 2.0% in the 3rd quarter. Indications were that the U.S. stock markets would open lower. (Click here for a brief report from CNBC on the GDP). Gold and metals markets may not move significantly until the Fed meeting.
APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.