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Mid-Day Gold & Silver Market Report – 10/24/2011


Precious metals have stayed relatively steady since this morning.  News coming out of Europe is quiet today, and it seems investors are in wait-and-see mode.  Nouriel Roubini, Co-Founder and Chairman of Roubini Global Economics LLC., seems to think the worst is not over.  “Unfortunately, in my view there is a risk, at least a 50 percent probability, that in the U.S., in the eurozone, in the United Kingdom, and in most advanced economies, the future in the next 12 months might suggest a recession, a downturn, rather than reacceleration of growth,” says Roubini. 

It seems Roubini may be right about the lack of stability as there is a strong chance of the U.S. being hit with another downgrade, this time from either Moody’s or Fitch.  Ethan Harris, Merrill’s North American Economist, writes in a report, “The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan” to cut the deficit.  He goes so far as to say, Hence, we expect at least one credit downgrade in late November or early December when the super committee crashes.  In addition, Germany expects the bailout fund for the euro zone will be leveraged at more than 1 trillion euros in order to help prevent any more of the region’s debt crisis from overwhelming Italy and Spain. 

Also, the U.S. and North Korea have attempted to get back on better terms with each other for fear that the continued silence may lead to miscalculation or provocations from North Korea.  Mark Toner, Deputy State Department spokesman, referred to the meetings as “exploratory” in nature and adds, “We are not seeking to have talks for talks’ sake…[It’s] safe to say we are looking for concrete actions,” by North Korea before continuing their talks, which had ceased since 2008.

At 12:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold price - $1,652.40 – up $14.30
  • Silver price - $31.61 – up $.38
  • Platinum price - $1,541.90 – up $32.70
  • Palladium price - $639.20– up $18.90

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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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