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Mid-Day Gold & Silver Market Report – 10/26/2012


Gold and Silver prices rebounded after early morning losses thanks to the U.S. GDP report, however prices are still set for a weekly loss. Jeffrey Sica of SICA Wealth, said, “I don’t believe Gold is able to rally off of that data for now. Gold is a momentum asset and its momentum is not there right now.” Sica was also asked about reports that Federal Reserve Chairman Ben Bernanke would not take a third term at the Fed, regardless of the outcome of next month’s presidential election. Sica said, “Without Bernanke, monetary stimulus from the Federal Reserve could be greatly reduced, and that will weigh on the price of Gold.” This is all speculation at this point, as many other Fed officials support the stimulus measures currently in place.

With Hurricane Sandy heading for New York, some investors are bracing for the impact it will have on Wall Street. Monday’s trading could be disrupted due to the storm, with contingency plans being drawn up in case of disturbances. One area that could be affected is gas prices. “People won’t see much of an impact on the retail level, but it could slow down the drop of gasoline prices that we’ve seen,” said Andy Lipow of Lipow Oil Associates LLC. As Gold prices often track oil prices, the storm could even have an affect on the price of Gold early next week.

At 2:38 pm (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,712.70, Down $0.80.
  • Silver, $32.11, Up $0.02.
  • Platinum, $1,544.10, Down $22.20.
  • Palladium, $597.70, Down $7.80.

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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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