Our Daily
Market Reports

Closing Gold & Silver Market Report – 9/29/2011

VOLATILE DAY FOR ALL MARKETS

Since the Mid-Day Commentary, gold slipped to close the day slightly down, but almost unchanged since yesterday.  Silver has gained slightly, and is closing the day in positive territory.  Platinum and palladium have continued their slide.

All markets were extremely volatile today, showing a battle between optimistic bulls and pessimistic bears.  According to Bloomberg Businessweek, a record number of investors are seeking to move to safe haven investments.  Jay Wright, Managing Director at Samco Capital Markets said, “My opinion on why this is happening is uncertainty, uncertainty, uncertainty.”

The market continues to suffer from headline risk – large swings in prices due to the headline du jour.  Today’s markets were pushed higher by news of lower jobless claims (however, the overall unemployment figures remain virtually unchanged) and the news that Germany’s parliament voted to pump more funds in the European Financial Stability Facility (even though European sovereign debts continue to be problematic for the macroeconomy).

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

  • Gold - $1,619.90 – Down $0.20.
  • Silver - $30.74 – Up $0.57.
  • Platinum - $1,524.20 – Down $13.00
  • Palladium - $622.60 – Down $14.20.

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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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