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Morning Gold & Silver Market Report – 10/18/2011

The Chinese Economy Grows at the Slowest Rate in Two YearsThe Chinese economy grew at 9.1% in the third quarter from a year earlier, which is the slowest pace since 2009. This was down from the 9.5% of previous quarters and the expectations of 9.3%. The slowdown is a global concern on two fronts. If the Chinese economy slows, it is an indicator that the global economy is slowing. China is a major exporter of goods, and if this business is slowing, it is due to the poor economic condition of their customers, i.e., the other nations of the world. If the Chinese economy should continue to falter along with continued troubles in the euro zone, many investors fear a repeat of what we experienced in 2008.

Moody’s Credit Rating Service issued a warning that it might soon review France’s triple-A credit rating for a possible downgrade. Global stock and precious metals markets have headed lower overnight on this news and continued concern whether European leaders can come up with a comprehensive solution to their debt problems. Stocks and precious metals have been up over the past couple of weeks on the expectation that the 17 countries of the euro would come up with a three-pronged solution to the debt crisis.

JUST OUT – INFLATION PRESSURES RISES AS THE U.S. PRODUCER PRICES ROSE MORE THAN EXPECTED - The Labor Department is reporting this morning that its seasonally adjusted index for the prices received by farms, factories and refineries increased by 0.8% after staying flat in August. Economists had set their expectations at only 0.2%. This is the largest increase in five months, which should increase debate about the potential for rising inflation.

At 8AM (CT) the APMEX precious metals prices were:

  • Gold price - $1,645.20 – down $33.30
  • Silver price - $30.86 – down $1.00
  • Platinum price - $1,525.80 – down $26.00
  • Palladium price - $605.30 – down $13.50

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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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