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.
APMEX’s Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Thursdays! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.