Mid-Day Gold & Silver Market Report – 10/26/2012
REPORT: BERNANKE WON’T TAKE THIRD TERM
Gold and Silver prices rebounded after early morning losses thanks to the U.S. GDP report, however prices are still set for a weekly loss. Jeffrey Sica of SICA Wealth, said, “I don’t believe Gold is able to rally off of that data for now. Gold is a momentum asset and its momentum is not there right now.” Sica was also asked about reports that Federal Reserve Chairman Ben Bernanke would not take a third term at the Fed, regardless of the outcome of next month’s presidential election. Sica said, “Without Bernanke, monetary stimulus from the Federal Reserve could be greatly reduced, and that will weigh on the price of Gold.” This is all speculation at this point, as many other Fed officials support the stimulus measures currently in place.
With Hurricane Sandy heading for New York, some investors are bracing for the impact it will have on Wall Street. Monday’s trading could be disrupted due to the storm, with contingency plans being drawn up in case of disturbances. One area that could be affected is gas prices. “People won’t see much of an impact on the retail level, but it could slow down the drop of gasoline prices that we’ve seen,” said Andy Lipow of Lipow Oil Associates LLC. As Gold prices often track oil prices, the storm could even have an affect on the price of Gold early next week.
At 2:38 pm (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,712.70, Down $0.80.
- Silver, $32.11, Up $0.02.
- Platinum, $1,544.10, Down $22.20.
- Palladium, $597.70, Down $7.80.
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