Mid-Day Gold & Silver Market Report – 9/27/2011

GLOBAL STOCKS SURGE, BUT DIFFICULTY LOOMS

Precious metals are on the rise since the Morning Gold & Silver Market Report. The rise has been fairly brisk amid talks of global stock markets’ overall rise and tempered by uneasy talks on eurozone bailout.

Global stock markets have rallied the most since May of 2010. The euro also climbed against the dollar, which tends to support the price of gold. Mohamed El-Erian, CEO of PIMCO said that European leaders “finally get it…They recognize they have deep problems and they recognize they need to do something about it. This was a very important wake-up call for Europe.” U.S. Treasury Secretary Timothy Geithner, also predicts more forceful action from European governments to resolve the European debt crisis.

The main issue at this point revolves around the presumption of a bailout to increase confidence in the markets. Chancellor Angela Merkel of Germany is still having a lot of difficulty uniting her coalition behind even the smallest of aid steps. A crucial vote is expected Thursday. Greece continues to be the albatross, however, Greek Prime Minister George Papandreou has come out with the bold proclamation, "I can guarantee that Greece will live up to all its commitments." Merkel spoke towards this issue as well, stating, "We will provide all the help desired from the German side so that Greece regains trust."

The dollar softening to the euro has helped increase the price of gold. "Given that we haven't had any correction for months, this has brought better value to the market for people who want to get back into gold," said Credit Agricole analyst Robin Bhar. "I think gold's bottomed out here. Longer term, have all the factors that were bullish for gold really been addressed? Currency debasement, economic imbalances, sovereign debt—the factors that were there last week are still here today."

At 12:06 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,660.20 – Up $64.40.
  • Silver - $31.93 – Up $1.93.
  • Platinum - $1,577.60 – Up $27.70.
  • Palladium - $652.50 – Up $23.10.

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Disclaimer:

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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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