by
Stephanie Chandler
October 28, 2011
GREECE DODGES A BULLET, BUT WILL THE U.S.?
Precious metals have stayed steady in today’s trading. Gold is ending the week with its highest weekly gain in two months at approximately 6%. Credit Suisse said in a research note, “Beyond the very near-term we think economic fundamentals will be watched more closely again. In this context, we still think that gold looks the strongest in the near term given low interest rates and improving technical momentum.”
Some feel that everything in the euro zone is going to be coming up roses from now on after the deal was reached, but Gilles Moec, Co-Head of Economic Research for Deutsche Bank, is taking things one step at a time. “It’s not a silver bullet, but it makes things manageable to some extent.”
Now that the news has turned some of its focus off of Greece and the EU, it has now fallen on the U.S. The world will be watching as members of Congress attempt to reach an agreement on how to reduce the country’s deficit.
At 4:00 PM (CT) the APMEX precious metals spot prices were:
- Gold - $1,747.20 – Down $2.50.
- Silver - $35.34 – Up $0.19.
- Platinum - $1,648.10 – Up $6.70.
- Palladium - $670.10 – Down $5.60.
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