Morning Gold & Silver Market Report – 10/19/2011

PHYSICAL METALS STILL DESIRED; OPTIMISM IN EUROPE, BUT WHY?

Gold and U.S. stock futures are fairly flat this morning.  In the U.S., inflation data was mainly in line with expectations in a report released this morning.  Higher hopes of a resolution to the European debt crisis has investors more interested in risk, and in some cases away from safe haven investments like gold. 

A meeting of euro zone leaders this Sunday could bring about changes to investors’ appetite, according to VTB Capital.  They explained, “The situation with gold could well change should risk aversion escalate after 23 October, provided the broader market is disappointed by the EU’s debt crisis management with policymakers failing to leverage the [European Financial Stability Facility] substantially and avoid a structural Greek default.”  They added, “…physical buyers were active above recent dips,” confirming the still-present desire among investors to hold physical metals.

With all the optimism coming out of Greece, one might think there was some good news to report.  As Greek citizens protest in the streets of Athens, Prime Minister George Papandreou vowed to successfully implement another round of austerity measures.  The strikes are seeing empty classrooms and businesses as students, workers, and business owners alike are among those protesting the proposed measures.  The European Commission was busy as well, raiding banks (such as Deutsche Bank) in a widespread probe into suspected fixing of lending between banks.  This is the third major investigation of the finance sector by the Commission this year.

At 8:00 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,656.50 – Up $1.70.
  • Silver - $32.05 – Up $0.18.
  • Platinum - $1,535.50 – Down $5.20.
  • Palladium - $627.40 – Up $5.50.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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