Our Daily
Market Reports

Morning Gold & Silver Market Report – 10/17/2011

Precious Metals Prices Continue to Drift Upwards - No Quick Solution to the Euro Crisis in Sight - Precious metals prices are up since markets opened Sunday at 5PM (CT). Gold is at a 3-week high. U.S. equity markets were heading for a strong opening, but have since retreated on the comments of German Chancellor Angela Merkel, who made it clear that those who were hoping for a quick solution to the euro crisis would be disappointed. For the time being, it seems that European leaders may be content to have a plan to come up with a plan. Steffen Seibert, Merkel’s chief spokesman, commented in Berlin today, that a search to end this crisis will extend well into next year. European leaders at the G20 had implied that a new strategy would be in place by October 23.

The Empire State manufacturing index just came out and it remains in negative territory for the fifth month in a row. The index did inch up slightly to a negative 8.5 in October, but analysts had been expecting greater improvement to negative 5.0. Stock futures continued to lose ground on the publication of this report.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,687.30 – up $2.30
  • Silver price - $32.23 – up 4 cents
  • Platinum price - $1,575.70 – up $20.80
  • Palladium price - $638.60 – up $16.10

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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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