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.