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Morning Gold & Silver Market Report – 10/25/2011


In overnight trading, gold and silver rose on worries over the euro zone.  U.S. stock futures are flat, also likely due to the news coming out of Europe.  One stock trader described activity as “very, very quiet,” and said it will probably remain so until U.S. economic data is released later this morning.  News from Greece is taking a slight turn towards the negative, as private bond holders are now being asked to take significantly bigger hits (one report says 60%) on the country’s debt burden than the originally agreed-upon 21%.

There is some outside speculation that China could be heading for a significant downturn in growth, which would be extremely dangerous for the global economy.  Most economists do not believe that this will happen, but it has not stopped the speculation.  Economists from Bank of America-Merrill Lynch said in a note, “It would take a severe shock to China for the negative spillovers to be transmitted beyond Asia,” but even just a 2% drop in gross domestic product could immediately impact areas like Malaysia, Singapore, South Korea, Taiwan, and Hong Kong.  A drop of 6%, a “full-blown crash,” would affect Europe’s biggest economies and even be felt in the U.S.

Gold is looking at more gains for the third day in a row.  “Nobody really wants to go short on gold,” said Bernard Sin of MKS Finance SA.  “I don’t think Europe will be out of the woods yet.  [Also, T]here is physical demand in India” due to the Diwali religious festival.  Nick Trevethan of Australia & New Zealand Banking Group Ltd. said, “We’re seeing some progress in Europe, but the market’s been disappointed before.  There’s still a lot of good reasons to be holding gold.  The world is still relatively shaky, we’re a low interest rate environment in many parts of the world.”

At 8:15 am (CT) the APMEX precious metals spot prices were:

  • Gold - $1,659.20 – Up $4.90.
  • Silver - $31.69 – Up $0.01.
  • Platinum - $1,549.00 – Up $7.00.
  • Palladium - $640.00 – Down $0.50.

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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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