Our Daily
Market Reports

Closing Gold & Silver Market Report – 10/7/2011

Europe Remains the Driving Force Behind the Markets

Precious metals prices rose higher in afternoon trading, but still fell for the day. Both the U.S. stock and global precious metals markets rose on the mornings jobs announcement, but fell as the news became more fully digested. We did see an increase of 103,000  jobs, but 45,000 of these were Verizon workers coming off their strike. Government workers, (federal,city and state) were big losers and this is expected to continue.

More negative news out of Europe did nothing to enhance investor’s moods.  Fitch downgraded Italy and Spain’s debt rating, and just now a story is breaking that Belgium’s rating is going under review by Moody’s.   

You know things are not good when the debate amongst economist is whether we are going to experience the “Great Depression” of the 1930’s or the “Long Depression” of the 1870’s. This interesting article published by Reuters is food for thought as we go into the weekend. Please enjoy yours!   

 

At 3:42 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,641.90 – Down $13.30.
  • Silver - $31.16 – Down $0.89.
  • Platinum - $1,497.00 – Down $11.10.
  • Palladium - $593.00 – Down $7.80.

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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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