Mid-Day Gold & Silver Market Report – 10/25/2012

GOLD UP ON FED ASSERTIONS OF MORE QE3; STOCK MARKET DOWN ON EARNINGS

As Gold faltered yesterday and flirted with sub-$1,700 levels for the first time in almost two months, the Federal Reserve’s reiteration of further liberal monetary policy has boosted the Gold price today. Weak economic development and feeble jobs numbers continue to be the driving forces behind the Fed’s decision to continue its monthly asset purchases. “The market was not expecting much from [Wednesday’s] Fed statement, and nothing much is exactly what it got,” Ben Traynor, chief economist at BullionVault, wrote in emailed comments. “Nonetheless, the commitment to ongoing asset purchases at $40 billion a month should be a supportive factor for Gold. The initial impact of last month’s announcement may have worn off, but the steady drip-drip of liquidity will go on.”

The U.S. stock market continues its fickle trend of ups and downs as corporate earnings data is reported each day. The main factor driving down the market today is negative results centered on homebuilder stocks, which slumped 2.9 percent. Fifty-four companies listed on the S&P 500 are set to report financial numbers today. Investors await the lasting impact of the latest round of quantitative easing and the upcoming presidential election to determine their allocation strategies going forward.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,712.60, Up $11.00.
  • Silver, $32.11, Up $0.48.
  • Platinum, $1,566.80, Up $6.60.
  • Palladium, $606.40, Up $12.70.

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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
4/24/2014 11:45:07 PM EST

Metal Bid Ask Change
Gold $1,291.80 $1,293.80 $1.20
Silver $19.50 $19.60 ($0.15)
Platinum $1,403.60 $1,413.60 $4.00
Palladium $797.50 $802.50 ($0.80)
4/24/2014 11:45:07 PM EST

Click here for Historical Charts*All Charts are in USD


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