Morning Gold & Silver Market Report – 10/31/2011

JAPANESE INTERVENTION MEANS STRONGER DOLLAR, LOWER METALS

In overnight trading, precious metals were down and stock futures are pointing towards a similar start for Wall Street.  The U.S. dollar is stronger, thanks to the Japanese government intervening in the market in an attempt to curb the yen’s appreciation.  A stronger yen hurts the export-based economy, and the country is still trying to recover from the catastrophic earthquake and tsunami that occurred earlier this year.  Analysts from Commerzbank noted, “Gold and other precious metals are being knocked this morning by profit-taking and the strong U.S. dollar.

A summit of the Group of 20 (G-20) leaders is on tap this week, and they have much to discuss.  The agenda for the summit includes the euro zone debt crisis and the recent agreement on bank recapitalization, as well as a number of other topics.  Regarding “economic imbalances that must be fixed,” the letter cites “undervalued exchange rates in key emerging surplus economies and insufficient domestic savings in some advanced economies,” without naming any countries in question.

NATO’s involvement in the Libyan revolution has officially ended after seven months of support.  This is yet another sign that the revolution is nearly complete.  It has been called “one of the most successful” operations in NATO’s history, and NATO Secretary-General Anders Fogh Rasmussen will visit and meet with Libya’s National Transitional Council (NTC) today.  The NTC expressed a desire for further NATO support post-war, but Rasmussen stuck to the decision to end involvement.

At 8:04 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,723.90 – Down $25.30.
  • Silver - $34.34 – Down $0.99.
  • Platinum - $1,615.70 – Down $36.10.
  • Palladium - $655.50 – Down $14.80.

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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
4/23/2014 3:20:00 PM EST

Metal Bid Ask Change
Gold $1,284.40 $1,286.40 $3.30
Silver $19.38 $19.48 $0.07
Platinum $1,395.80 $1,405.80 $5.50
Palladium $782.20 $787.20 $2.60
4/23/2014 3:20:00 PM EST

Click here for Historical Charts*All Charts are in USD


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