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Mid-Day Gold & Silver Market Report – 10/27/2011

METALS UP ON WEAKER DOLLAR

Since the morning commentary, stocks have continued to rally on the news of the euro zone debt deal.  The euro has followed, and has also brought gold and silver along with it.  Kathy Lien of GFT said, “Investors around the world are cheering the fact that the Europeans have sucked it up and done what was necessary to mitigate a deeper crisis in the region.”  Many analysts are warning that few details have been ironed out, and that the details regarding the write-down private bondholders are taking were light.

The U.S. dollar is down thanks to the euro’s rise, and gold’s negative correlation to the dollar may be what is pushing it higher today.  Frank Lesh of FuturePath Trading said, “The dollar’s weakness and inflationary fears because of Europe’s actions are making people move towards gold.”

In the next step of negotiating a deficit reduction deal in the U.S., Republicans in Congress called for $2.2 trillion in cuts.  They aim to significantly cut programs such as Medicare, Medicaid, and Social Security – programs that Democrats have previously not been willing to cut.

At 12:04 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,746.60 – Up $21.10.
  • Silver - $35.26 – Up $1.91.
  • Platinum - $1,642.90 – Up $45.70.
  • Palladium - $673.40 – Up $25.40.

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Disclaimer:
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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