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Market Reports

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.

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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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