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Morning Gold & Silver Market Report – 9/30/2011

END OF BAD QUARTER DOESN’T BRING HOPE

Gold traded higher in overnight trading, spiking as high as $1,643 at one point, but has since come off those highs.  U.S. stock futures signaled a lower start to morning stock trading, and remained so after the consumer spending report was released.  The report showed an expected rise of 0.2%, though real consumer spending (adjusted for inflation) was flat.  Personal income fell by 0.1%, which is the largest drop since October 2009.

Today is the last day of the worst market quarter since the financial crisis.  However, analysts say to expect the volatility to continue.  The quarter brought a 12% drop to the markets, but the situation hasn’t changed.  The European financial system is still in shambles.  The U.S. isn’t much better off (if at all).  A November deadline looms over more deficit talks, much like the talks that drove Standard & Poor’s to downgrade the U.S. credit rating earlier this year.

Egypt was the darling of the media at the turn of the year, as its residents looked to overthrow their oppressive president.  The situation sparked a slew of other revolutions and mass protests in Libya, Syria, Yemen, and other countries.  Egypt was successful in ousting President Mubarak, and the military stepped in to rule.  These same civilians are now protesting their military rulers, pushing them to transfer the power to the civilians quickly.  “[W]e feel that our revolution has been stolen from us,” one protester exclaimed.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,615.60 – Down $3.70.
  • Silver - $30.07 – Down $0.50.
  • Platinum - $1,516.00 – Down $15.30.
  • Palladium - $615.50 – Down $10.10.

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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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