Morning Gold & Silver Report – 11/2/2010
At 8AM (CT) the APMEX precious metal spot prices were:
Gold price - $1,355.50 +$3.20
Silver price - $24.84 +$0.18
Platinum price - $1,718.00 +$6.90
Palladium price - $653.80 + $1.00
COMMENTARY: Gold prices regained ground overnight as there is rampant speculation that the Federal Reserve’s “Quantitative Easing 2” plan will increase the demand for precious metals as an hedge against the US Dollar. The gain is presumably attributable to the suspicion that the Fed is likely to announce a plan sometime tomorrow to purchase at least half a TRILLION dollars of long-term US securities. Former Federal Reserve Bank Chair Paul Volcker stated that further Quantitative Easing may spark “inflation for the future and the amount involved may be a cause for concern.”
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.