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Closing Gold & Silver Market Report – 10/28/2011

GREECE DODGES A BULLET, BUT WILL THE U.S.?

Precious metals have stayed steady in today’s trading. Gold is ending the week with its highest weekly gain in two months at approximately 6%. Credit Suisse said in a research note, “Beyond the very near-term we think economic fundamentals will be watched more closely again. In this context, we still think that gold looks the strongest in the near term given low interest rates and improving technical momentum.”

Some feel that everything in the euro zone is going to be coming up roses from now on after the deal was reached, but Gilles Moec, Co-Head of Economic Research for Deutsche Bank, is taking things one step at a time. “It’s not a silver bullet, but it makes things manageable to some extent.”

Now that the news has turned some of its focus off of Greece and the EU, it has now fallen on the U.S. The world will be watching as members of Congress attempt to reach an agreement on how to reduce the country’s deficit.

At 4:00 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,747.20 – Down $2.50.
  • Silver - $35.34 – Up $0.19.
  • Platinum - $1,648.10 – Up $6.70.
  • Palladium - $670.10 – Down $5.60.

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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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