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Over $1.8 Million in Gold found in Swiss Sewage

Daily Gold & Silver Market Report – 10/12/2017

According to a new study reported by Bloomberg, nearly $1.8 million worth of Gold has been discovered in the waste system of Switzerland. New York Post Reporter Lauren Tousignant said, “Scientists at the Swiss Federal Institute of Aquatic Science and Technology looked at 64 water treatment plants and found that approximately 94 pounds of Gold get flushed through the sewage system each year.” Researchers also found 6,613 pounds of Silver, equaling about $1.7 million. From these finding, authors of the study say, “…concentrations of Gold in sewage sludge are sufficiently high for recovery to be potentially worthwhile.”

Silver Charts Await December Rate Hike

After minutes from the Federal Reserve's October Federal Open Market Committee meeting were released Wednesday, TD Securities Head of Commodity Strategy Bart Melek told Reuters the Fed “seemed to be stressing that low inflation may not be transitory and emphasized data dependency.” Melek believes this could be good for Precious Metals such as Gold and Silver prices. In fact, since the minutes were released, the price of Silver rose 0.8 percent. And while U.S. treasuries and stocks remain relatively unaffected, the U.S. dollar fell to almost two-week lows. Nonetheless, many meeting participants feel another interest rate increase is expected during the December 12-13 Fed meeting, according to InvestingNews.com.

Demand for Precious Metals Rise for the Holiday Season

Rising geopolitical risks have increased the appeal of safe-haven investments, such as Gold and Silver. Increased demand for Precious Metals like Palladium has also helped drive the price up, NASDAQ reported. While many are awaiting the December Fed meeting regarding the potential third and final interest rate hike for 2017, North Korea has been boosting haven assets with concerns regarding another long-range missile test. Aside from all that, the holiday season is upon us, thus also increasing the demand for Precious Metal jewelry in countries like India who commonly use Gold as a very festive piece.

At 12:14 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,295.60 Up $6.50
  • Silver, $17.29  Up $0.10
  • Platinum, $938.70  Up $6.50
  • Palladium, $985.60 Up $18.60

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:
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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