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.