Closing Gold & Silver Market Report 11/1/10
At 5 PM(CT) the APMEX precious metals spot prices were:
- Gold price - $1,352.30; -$6.30
- Silver price - $24.66; +$0.07
- Platinum price - $1,711.10 +$5.00
- Palladium price - $653.00 +$6.00
COMMENTARY: Gold and Silver held their ground in the afternoon after giving back some of the gains over the last two days in morning trading. Traders continue to have expectations for the U.S. Federal Reserve meeting of the Federal Open Market Committee (FOMC) on Tuesday and Wednesday this week. The common belief is that the FOMC will move to substantially increase the supply of money through quantitative easing. In news today, the Fed bought $2.489 Billion in U.S. Treasury Notes today, paying cash for U.S. debt instruments, thus increasing the money supply since the $2.489 Billion was not in the system until the purchase today. (Click here for the MarketWatch.com article on the Fed purchase). In his end of day program today, popular investment commentator Jim Cramer commented that there were two ways for investors to play the election: growth stocks and Gold. (Click here to read the CNBC article on Jim Cramer’s views). Cramer predicted that Gold would hit $1,400 to $1,500 by the end of 2010. (Click here to see the brief video of Cramer’s statements on the recommendation for growth and Gold as protection from the U.S. elections).
Set your portfolio for the U.S. Elections and U.S. Federal Reserve actions. Here are two special opportunities:
Gold Krugerrand – This is the gold coin that started the Gold ownership move in the U.S.
90% Silver Coins – These were a Silver investment beginning with face value in 1964 and available in face value bags of $100, $500 and $1,000.