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Morning Gold & Silver Market Report – 10/6/2011

OPTIMISM BOOSTS STOCKS; ECB TO ENACT BOND PURCHASE PROGRAM

Overnight trading of gold was relatively steady, while U.S. stocks are looking at another positive day, and silver, platinum, and palladium are benefitting from that optimism.  Investors are hoping that eurozone policymakers will be able to work together to help out banks in that region.  The European Central Bank (ECB) announced that it would not change interest rates, which brought some European stocks down overnight.

This morning, the ECB announced that they would be enacting a bond-purchase program, which has helped the euro pare some losses.  U.S. Treasury Secretary Timothy Geithner is set to speak to a congressional committee later today regarding the European debt crisis.  In prepared statements, he said that Europe “is so integrated with the U.S. economy, that a severe crisis there could cause significant damage in America.”

Supporting U.S. stocks was the slightly-better-than-expected jobless claims report released this morning.  While most economists expected new jobless claims to rise by 19,000, in fact they only rose by 6,000.  The four-week moving average moved down by 4,000, and is typically seen as a better indicator of trends because it takes out the week-to-week volatility.  The stubborn unemployment rate held steady at 9.1%.

At 8:04 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,643.60 – Even $0.00.
  • Silver - $30.78 – Up $0.39.
  • Platinum - $1,493.30 – Up $10.40.
  • Palladium - $588.00 – Up $15.70.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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