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.