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Morning Gold & Silver Market Report – 10/20/2011

KEY VOTE IN GREECE TODAY; JOBLESS CLAIMS DOWN; GADDAFI REPORTED DEAD

In overnight trading, precious metals were down on renewed optimism that a resolution will be found in the European debt crisis.  A very important austerity vote takes place in Greece today as protesters attempt to bring the country to a standstill by leaving businesses, schools, and docks empty while hospitals run on bare-minimum staff levels.  The vote is expected to pass, however, giving Greece the final portion of its bailout funds.

In the U.S., weekly jobless claims fell to 403,000, just above the key 400,000 level, which is where most economists expected to see the report.  That number now matches up with the four-week moving average, which is seen as a more accurate gauge of levels because it takes away week-to-week volatility.  Stock futures are reacting positively to the news of the day, as they are pointing to a higher open for Wall Street.

The revolution in Libya has been waning of late, as the rebels took control of the country and just seemed to be “rounding up” troops loyal to ousted President Muammar Gaddafi.  Reports are now saying that Gaddafi was injured and captured, or possibly killed, as a result of a NATO air strike this morning.  The U.S. State Department has stated that they cannot confirm that Gaddafi was killed, but all signs point to an end to the situation in Libya being close.

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

  • Gold - $1,624.60 – Down $24.50.
  • Silver - $30.89 – Down $0.43.
  • Platinum - $1,490.90 – Down $32.20.
  • Palladium - $597.00 – Down $13.40.

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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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