Closing Gold & Silver Market Report – 9/27/2011
GOLD MAKES 12% RECOVERY
Precious metals have relaxed a little since mid-day trading, however they have not strayed far. Gold has recovered 12% since yesterday’s numbers as the other precious metals are also sharing in a nice recovery. Investors seem to be taking advantage of the dip in prices. George Gero, Senior Vice President at RBC Capital markets, says, “We may see the new trading range develop at the higher level, $1,625-$1,700…gold’s rally is a major relief to investors…” Barclays Capital also feels that the larger picture for gold has not changed and is still “gold fertile.” The firm says that the eurozone’s ballooning debt issues as well as “macro insecurity amid low interest rates continues to be supportive for gold beyond the near-term weakness.”
On a side note, the bullion-buying season for China and India is nearly upon us. Festivals and holidays, such as China’s National Day (a week-long celebration that begins October 1), will begin to affect gold prices shortly, as they are typically strong gold-buying periods for the emerging nations.
At 4:00 PM (CT) the APMEX precious metals spot prices were:
- Gold - $1,654.70– Up $58.90.
- Silver - $31.90 – Up $1.99.
- Platinum - $1,570.40 – Up $20.50.
- Palladium - $650.30 – Up $20.90.