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Closing Gold & Silver Market Report – 10/13/11


Precious metals have recovered slightly since the mid-day report, as stocks ended the day weaker after the earlier release of worse-than-expected economic data from China.  Gold seems to be caught in an interesting situation, according to Forbes.  It’s a situation where a historical safe-haven asset is also grouped together with commodities, which tend to be more on the risky side of investing.  The author, Agustino Fontevecchia, explains that the metal is up about 20% this year, even after the rapid drop seen in September that most investors saw as an excellent buying opportunity.  He continues to say that most analysts remain bullish on the metal.

The U.S. trade deficit (the negative difference between what we’re exporting and what we’re importing) remained steady in a report released early this morning.  However, after removing inflation, it does show an increase in that gap, up to $47 billion.  The trade deficit with China widened to a record $29 billion in August, possibly providing new fuel to the threatened “currency war” between the two economic powers.  The third-quarter gross domestic product growth is still expected to come in higher than the sluggish 1.3% it grew in the second quarter, possibly lending some relief to investors looking for life in the recovery from recession.

Fitch Ratings is in the news again after placing a number of American and European banks on review for possible downgrades.  In the U.S., the banks in question are Bank of America, Morgan Stanley, and Goldman Sachs.  In a statement, the credit ratings agency said, “These institutions’ business models are particularly sensitive to the increased challenges the financial markets are facing.  These challenges result from both economic developments, particularly in the euro area, as well as a myriad of regulatory changes.”

At 4:00 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,671.40 – Down $13.20.
  • Silver - $31.93 – Down $0.90.
  • Platinum - $1,538.30 – Down $16.10.
  • Palladium - $598.10 – Down $14.90.

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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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