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Mid-Day Gold & Silver Market Report – 10/24/2012


Gold has stayed relatively flat in the market today. The lull may be short lived based on what the U.S. Federal Reserve does in its two day meeting this week. It doesn’t seem to matter to China what the market is doing in the short term because all year they have been on a Gold buying spree. They have purchased 512 tons of Gold in the first eight months of this year alone. Because of China’s large foreign exchange reserve, it has many speculating that they are just getting started. One popular theory is that the Gold market has been rigged by many financial institutions to keep the metal prices down. By keeping the prices of metals down, it would ensure the major world currencies values would not diminish. Former Assistant Secretary of the Treasury Paul Craig Roberts was quoted in October 2010, "I suspect that the Federal Reserve is manipulating the Gold and Silver markets in order to prevent its low interest rate policy from undermining the value of the US dollar. It is easy to offset rising prices of bullion due to physical demand by selling shorts in the paper market." This, of course, is merely a theory.

In the United States, the report of growth in the manufacturing sector is positive news. The negative side of the report shows that orders are down domestically and abroad. There are many economists that believe the slow down is due to the upcoming election. Due to the fact that the two main parties involved in the election have completely different ideas on the economy, many business leaders have adopted a ‘wait and see’ mentality. Markit chief economist Chris Williamson said, "Demand at home remains subdued, possibly reflecting clouds hanging over the economic outlook due to the upcoming elections and worries about fiscal policy."

At 1 pm (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1703.40, Down $6.00.
  • Silver, $31.74, Down $0.07.
  • Platinum, $1562.10, Down $11.40.
  • Palladium, $595.10, Up $0.30.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.


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