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Closing Gold & Silver Market Report – 10/26/2011

CHINESE AID ALLEVIATES FEAR; EUROPE STILL NOT FIXED

Gold made nice gains today, although it has backed off slightly since the Mid-Day Commentary. 

French President Nicolas Sarkozy will speak directly with the head of the Chinese government, Hu Jintao, to appeal to China for an investment in the European Financial Stability Facility (EFSF), the bailout fund organized by EU countries to prevent a euro zone collapse.  The fund has already been expanded from its original scope, and leaders will meet tonight to discuss a further expansion, possibly involving the Chinese investment.  The EFSF has already borrowed hundreds of billions of euros to finance aid packages given to heavily-indebted countries in the euro zone.

According to a World Gold Council report, gold is becoming an increasingly important portfolio balancing tool. “[T]he report suggests that even if investors hold alternative assets, they are no substitute for the protection that a distinct allocation to gold can offer.”  Even a small allocation to gold, by mitigating risk, can consistently increase the returns from a portfolio.

At 4:15 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,727.60 – Up $25.20.
  • Silver - $33.43 – Up $0.34.
  • Platinum - $1,597.00 – Up $28.20.
  • Palladium - $651.60 – Down $2.50.

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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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