Call Us: 800.375.9006

Free Shipping on Orders Over $99



Our Daily
Market Reports

Closing Gold & Silver Market Report – 9/22/2011

Recession Fears Drive the DOW Down – The U.S. stock market extended its sell-off to four days, as it traded down 391 points. Today’s volume was extremely heavy, which may be an indication that traders fear more losses to come. Markets are down worldwide, as recessionary fears are global and not just in the U.S.

Typically, gold follows the stock market down on days with significant downward momentum such as today. Traders have to sell whatever they can to raise cash and cover margin calls. They literally go by the motto coined by Art Cashin, “if you can’t sell what you want, then sell what you can.” Gold is liquid; they need cash, so gold gets sold. Speaking of Art Cashin, he is quoted today as saying stocks have not bottomed yet.

Silver, platinum and palladium all suffered steeper percentage declines than gold. These metals all have much higher industrial applications than gold, so if industry is slowing, demand could go down. Although gold went down almost $80 per oz, it did rebound slightly about mid-day and held. There is no news that would normally send gold prices down. In fact, under more normal circumstances, when fear comes into the market, gold prices tend to go up. Asian markets are about to kick in and since China and India represent 52% of the worldwide gold purchases, it could be an interesting night.

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

· Gold price - $1,739.00 – down $69.10

· Silver price - $35.92 – down $4.57

· Platinum price - $1,688.80 – down $102.40

· Palladium price - $648.00 – down $65.80

« Return to Commentaries

World Market Trading Hours

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.

NYMEX Markets
8:20 a.m.-1:30 p.m. (ET)
8:25 a.m.-1:25 p.m. (ET)
8:20 a.m.-1:05 p.m. (ET)
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)

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.

 (0)

There are no items in the cart.