Closing Gold & Silver Market Report – 10/4/2011

STOCK & PRECIOUS METALS MARKETS SURGE IN MASSIVE LATE DAY RALLY

Markets posted massive gains this afternoon as the S&P 500 climbed by 4.1% and gold rebounded by more than $20 off its low of around $1,600.  Silver is closing above $30 after dipping below $29 this afternoon.

The market continues to suffer from headline risk – the tendency to swing wildly based on whatever news is breaking at the moment – and demonstrated it this afternoon.  It was reported that European Union (EU) finance ministers agreed to a bank bailout to rescue financial institutions in the event that the dominoes set in place by the sovereign debt of several EU states start to fall.  Speaking at a press conference, Wolfgang Schäuble, the German Finance Minister said, “Everyone said the big concern is that worrying developments on the financial markets will escalate into a banking crisis.  It’s clear now that the European banking system needs to be strengthened and needs more capital.”

Greece also looks to be (slightly) further away from bankruptcy, which could be another force acting on the markets this afternoon.  “Until mid-November it is clear there will be no problem,” said Greece’s Finance Minister, Evangelos Venizelos.  What will happen at that time remains to be seen.  The Greek population is struggling to accept the new round of austerity measures required to receive the next round of aid.

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

  • Gold - $1,627.90 – Down $31.80.
  • Silver - $30.20 – Down $0.65.
  • Platinum - $1,481.00 – Down $36.10.
  • Palladium - $568.60 – Down $27.10.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 3:58:21 PM EST

Metal Bid Ask Change
Gold $1,293.50 $1,295.50 $8.90
Silver $19.66 $19.76 $0.27
Platinum $1,404.20 $1,414.20 $10.30
Palladium $797.50 $802.50 $15.50
4/24/2014 3:58:21 PM EST

Click here for Historical Charts*All Charts are in USD


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