Closing Gold & Silver Market Report – 10/20/2011

GADDAFI CONFIRMED DEAD; GOLD ENDS LOWER FOR FOURTH STRAIGHT DAY

Gold is closing lower for the fourth straight day, although it has risen since the mid-day commentary, amid uncertain optimism by traders and investors.  The Dow Jones Industrial Average has closed opposite its direction the previous day for ten days in a row, indicating indecisiveness in the markets as bulls and bears battle to choose a new direction.

Greece’s parliament has passed the important austerity package required to receive another round of aid.  The vote came amid mass protests and strikes across the country, and there were even reports of groups of rival protestors violently attacking each other in the nation’s capital.

The situation in Europe is critical for the U.S., despite U.S. banks holding relatively little debt from euro zone countries, according to the U.S. Treasury Department.  “We have substantial trade and investment ties to Europe, and European financial stability matters greatly for consumer and investment confidence,” said Lael Brainard, U.S. Treasury Undersecretary for International Affairs.  Brainard also warned of problems stemming from a possible slowdown in China, saying, “With demand in the advanced economies likely to remain weak, it is essential for emerging economic powers, such as China, to play a bigger role in bolstering and sustaining global growth.”

At 4:04 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,624.10 – Down $24.90.
  • Silver - $30.66 – Down $0.67.
  • Platinum - $1,498.80 – Down $24.30.
  • Palladium - $590.00 – Down $20.40.

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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
4/20/2014 7:55:34 PM EST

Metal Bid Ask Change
Gold $1,291.80 $1,293.80 ($2.10)
Silver $19.50 $19.60 ($0.05)
Platinum $1,403.70 $1,413.70 ($15.00)
Palladium $792.00 $797.00 ($11.20)
4/20/2014 7:55:34 PM EST

Click here for Historical Charts*All Charts are in USD


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