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Closing Gold & Silver Market Report –10/3/2011

STOCKS TAKE A HIT; RISK OF RECESSION RISES

Precious metals are down slightly from today’s highs as stocks tumble more than 2% with concerns over the possibility of failure with the Greek default.  Even Morgan Stanley and Bank of America have taken hard hits on the news.  We are seeing some of the same things today as we did the last time there was a large drop in global stocks, as investors cover losses with safe haven investments such as gold.  The dollar is trading higher against the euro as the result of the Greek news but even though it is seen as “stronger,” it still does not mean the dollar is strong. 

Are we going to see another tailspin into recession?  Here are ten things that investors are worrying about right now.

At 4:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,661.50 – Up $37.20.
  • Silver - $30.46 – Up $0.34.
  • Platinum - $1,501.80 – Down $20.60.
  • Palladium - $588.20 – Down $28.40.

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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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