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

OPTIMISM OVER EUROPE REMAINS; INVESTORS STILL WANT SAFE HAVEN

In overnight trading, precious metals were down along with stock futures.  It seems that optimism over the EU debt deal remains, but not enough to continue the stock market’s rally.  Joshua Raymond of City Index explained that appetite for risk is still well-supported in the short-term, but that in the long-term, too many questions remain regarding the deal that was made.  When risk appetite is up, investors are more likely to move to equities instead of precious metals. 

However, Jim Pogoda, formerly of Mitsubishi International Corp, says that the source of the optimism could also be the reason gold prices are supported. “The European debt deal should help gold in two ways,” he said.  “For the non-believers, safe-haven buying should keep the market well bid.  For those thinking that impediments to growth have been lifted, the further stimulus [to the European Financial Stability Facility] should be viewed as gold-positive as well.”

Another reason for the slight decline in metals this morning is likely profit-taking.  Gold is having its best week since August, which has prompted many investors to sell their holdings and take on riskier assets.  With the extra risk appetite in the air, Afshin Nabavi says, “People won’t give up their safe-haven investments,” which will continue to support the price of gold.  More countries are adding to their safe-haven investments by purchasing gold, as Thailand, Bolivia, Kazakhstan, and Tajikistan added 26.7 metric tons of gold to their foreign reserves in September.

At 8:08 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,740.20 – Down $9.50.
  • Silver - $34.99 – Down $0.17.
  • Platinum - $1,631.70 – Down $9.70.
  • Palladium - $660.50 – Down $11.40.

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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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