Closing Gold & Silver Market Report – 10/5/2011
METALS SELLOFF ‘PROBABLY’ OVER; MORE PROTESTS IN GREECE
Since the Mid-Day Gold & Silver Market Report, gold and silver are mostly unchanged, while platinum and palladium have added to gains. One portfolio manager said, “The selling of the past two, three days has probably run its course … Gold is probably set to rally.” The stock market closed higher as well, leading the way for gains for platinum and palladium as well. News of the potential recapitalization of European banks supported the bullish sentiment for stocks.
More protests have broken out in Greece, as state sector workers marched against cuts needed to stave off bankruptcy for the Mediterranean country. The Vice President of one of the main labor unions in Greece, Ilias Vrettakos of ADEDY, said, “[European Union and Greek leaders] are not trying to save Greece. They are just killing workers. They should get the money from the rich, not from us.”
At 4:05 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,644.80 – Up $26.80.
- Silver - $30.51 – Up $0.64.
- Platinum - $1,494.70 – Up $26.10.
- Palladium - $577.00 – Up $10.80.