Our Daily
Market Reports

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

FEAR OF EURO ZONE CALAMITY DRIVES MARKETS IN LATE DAY TRADING

Gold and silver have remained relatively unchanged since the mid-day report.  However, stock markets, which were calm in early trading, have sold off somewhat this afternoon.

Greece is expected to pass more austerity measures despite protests in the streets by the Greek populace.  Greece was basically shut down today due to mass strikes.  Meanwhile, negotiations for bailouts for debt-laden EU countries have broken down and French President Nicolas Sarkozy is heading to Germany to continue the talks.  The situation spreads far beyond Greece, as Moody’s has downgraded 16 more entities within Spain, one day after downgrading the Spanish government as a whole.  This adds to the tension within the talks by increasing the stakes and the urgency for Europe to come to a final agreement.

The Federal Reserve released its Beige Book, prepared for the next meeting of the Federal Open Market Committee, shows very weak economic growth in the U.S.  Among the weakest sectors of the economy were Banking & Finance.  Analysts expect the current easy-money stimulus policies from the Fed to continue for some time.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,648.80 – Down $8.00.
  • Silver - $31.32 – Down $0.55.
  • Platinum - $1,519.50 – Down $21.20.
  • Palladium - $607.00 – Down $14.90.

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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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