Mid-Day Gold & Silver Commentary – 10/3/2011
Gold and silver prices are virtually unchanged since the Morning Commentary.
Despite predictions that Greece will be able to implement the austerity measures required for the next tranche of aid, euro zone countries are close to reaching an agreement meeting Finland’s demands for collateral against its loans to Greece. In exchange for receiving collateral against the loan, Finland will likely receive reduced interest on the loan, and may even have to pay a penalty. Finland has a strong undercurrent that opposes the Euro, as well as bailouts for other Euro countries.
The Economic Cycle Research Institute – an organization dedicated to determining the beginnings and ends of recessions - has released some pessimistic predictions about the future of the economy. Many of their indicators are pointing towards “full-blown recessions.” They are also predicting an era of higher volatility and more frequent recessions, with shorter expansion periods in between.
At 12:07 pm (CT) the APMEX precious metals prices were:
· Gold price - $1,661.40 – up $37.00.
· Silver price - $30.87 – up $0.75.
· Platinum price - $1,510.10 – down $12.30.
· Palladium price - $594.50 – down $22.10.