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

CHINA DEMAND 50% HIGHER; UNCERTAINTY PROVIDES GOLD-FERTILE BACKDROP

Precious metals are recovering today, up from mid-day prices. Unlike silver, platinum and palladium, gold is more negatively correlated to the stock markets which means with the S&P 500 Index having it’s biggest rally since August, historically gold would be going down. Although the S&P 500 has advanced 3.4% today, gold has still faired well, more than likely due to the dollar decline as a result of a stronger euro as investors find more faith in the steps Europe is taking to address the financial crises they face.

Gold has also trended up as Chinese and Indian demand continues during their busiest buying season. Ross Norman, Chief Executive at London-based bullion brokers Sharps Pixley, “Gold is remaining bid-up on not just [a weaker] dollar, but particularly buoyant physical demand amongst retail investors…physical sales in China for Golden Week are 50% higher than levels seen a year ago when gold was over $300 per ounce cheaper.” Barclays also adds, “Heightened uncertainty over the state of the global economy, and Europe in particular, provide a gold-fertile backdrop and we retain our positive view on gold.”

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

  • Gold - $1,680.10 – Up $42.30.
  • Silver - $32.13 – Up $1.10.
  • Platinum - $1,527.00 – Up $33.70.
  • Palladium - $617.50 – Up $29.60.

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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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