WORST QUARTER SINCE 2008 FOR U.S. STOCKS, WORST IN NINE YEARS FOR EUROPE
Since the posting of the Mid-Day Gold & Silver Market Report, prices on gold, silver, and platinum have all dipped somewhat, with only palladium seeing an increase since 12:00 PM (CT). Still, gold ended the day higher than it had Thursday (rising by 0.3%) as buyers took advantage of the metal’s lower prices and its continued safe-haven appeal. Precious metals analyst Jim Steel from HSBC explained, “There’s just a lot of volatility in the market.” He also expressed the opinion that gold has probably reached a bottom, with support for prices being provided by physical buying from emerging markets. According to Steel, “Any drops below $1,600 (an ounce) will be met with vigorous buying.” Silver ended the day down 1.4%, with platinum and palladium ending down 0.6% and 1.5%, respectively.
In an end to the worst quarter since 2008’s financial crisis, stocks here in the U.S. experienced a drop of more than 2% today. The Nasdaq ended the day down 2.6% and was down 12.9% for the quarter, the Dow ended down 2.2% for the day and 12.1% down for the quarter, and the S&P 500 ended down 2.5% for the day and down 14.3% for the quarter. Stocks overseas didn’t fare well either at this quarter’s end, with European economies (including Germany, France, and the UK) experiencing their biggest quarterly losses in nine years. Fears over the European debt crisis and the possibility of the U.S. slipping into a recession continue to drive down the value of stocks worldwide and reduce confidence in the global economy.
At 4:15 PM (CT), the APMEX precious metals spot prices were:
· Gold - $1,628.50 - Up $9.20
· Silver - $30.02 - Down $0.54
· Platinum - $1,520.40 - Down $10.90
· Palladium - $615.60 - Down $10.00
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