Closing Gold & Silver Market Report – 11/3/2011

Could Gold Be in for a Record Rally?

A story in Bloomberg by Debarati Roy, indicates that gold could be headed to record prices by March, according to those with the most accurate record of forecasting gold prices. These forecasts are driven by a stagnating global economy and a long drawn out European debt crisis. Futures contracts may rise by 12% to $1950 per oz by the end of the first quarter using median estimates compiled by Bloomberg. These forecasts come from 8 of the top 10 analysts tracked by Bloomberg over the past eight quarters. “There is a loss of trust in the entire financial system and urgent need for safe-haven investment,” said Ronald Stoeferle at Erste Group Bank AG in Vienna, the second most- accurate forecaster in the past three months. “The environment for gold is just perfect.”

If you are frustrated trying to determine whether Greece is going to accept a bailout or not, you are not alone. The European Financial Stability Facility (EFSF), the euro zone’s temporary rescue fund, is clearly frustrated as well. The EFSF was set to issue a $4.1 billion dollars offering, but will now wait until at least next week. A fund spokesman said there is just too much volatility and uncertainty surrounding Greece. There needs to be some conclusion as to whether there will be a bailout or not.

At 4PM (CT) the APMEX precious metals prices were:

  • Gold price - $1,766.60 – up $35.00
  • Silver price - $34.57 – up 59 cents
  • Platinum price - $1,641.20 – up $39.90
  • Palladium price - $659.80 – up $9.20

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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
4/17/2014 5:54:59 AM EST

Metal Bid Ask Change
Gold $1,299.40 $1,301.40 ($4.10)
Silver $19.55 $19.65 ($0.03)
Platinum $1,425.80 $1,435.80 ($2.00)
Palladium $794.50 $799.50 ($3.90)
4/17/2014 5:54:59 AM EST

Click here for Historical Charts*All Charts are in USD


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