Morning Gold & Silver Market Report – 10/24/2012

GOLD FACES THE EUROZONE’S NEGATIVE NEWS

The price of Gold has seemed to lose its momentum after the credit ratings of five Spanish regions were downgraded yesterday, which pushed the euro and Gold down. The U.S. dollar is stronger today after Germany's business sentiment dropped for the sixth consecutive month, reflecting a weaker economy. Jeremy East at Standard Chartered believes the yellow metal is being tested at this time, but the expectation for future higher prices remains the same. East said, “I think we're going to have another test on the downside. The market is still quite heavily long, especially on the Commitment of Traders."

The European debt crisis has unfortunately worsened over the past three years, which has led to it spreading like a wildfire throughout the eurozone. The Purchasing Managers’ Index (PMI) for the eurozone was released today. The report is viewed as a reliable indicator of how about 5,000 businesses polled in the eurozone have grown. The PMI for October has dropped to 45.8 from September’s reported 46.1. This is the lowest reading since June 2009. The reading shows how eurozone businesses have been forced to cut jobs to reduce costs with the unforeseen future approaching. "It's very disappointing, it's a depressing scenario as things are getting worse," said Chris Williamson, chief economist at data collator Markit.

At 9:16 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,711.70, Up $2.30.
  • Silver, $31.92, Up $0.11.
  • Platinum, $1,579.80, Up $6.70.
  • Palladium, $600.40, Up $5.50.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/20/2014 10:21:06 PM EST

Metal Bid Ask Change
Gold $1,283.90 $1,285.90 ($10.00)
Silver $19.25 $19.35 ($0.30)
Platinum $1,398.00 $1,408.00 ($20.70)
Palladium $788.90 $793.90 ($14.20)
4/20/2014 10:21:06 PM EST

Click here for Historical Charts*All Charts are in USD


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