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

NEWS FROM EUROPE HAS AWOKEN THE SLEEPING GIANT

Precious metals continue to rise on the news of the European debt crisis meeting being canceled for this week.  Both gold and silver have broken through to a one-month high, with gold finally passing the $1,700 mark investors have been watching for.  Richard Ross, Chief Technical Strategist at Auerbach Grayson & Co., commented on the jump in prices, “Gold has kind of been like a sleeping giant for the last month or so.” 

Gold may also have been awakened by news of the August Case-Shiller 20-city home price index declining as much as 3.8% year-over-year.  The September number for consumer confidence had also fallen, coming in at 39.8, short of the 46 estimate.  This number puts it at the lowest since March 2009.

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

  • Gold - $1,708.40 – Up $54.10.
  • Silver - $33.30 – Up $1.62.
  • Platinum - $1,567.50 – Up $25.50.
  • Palladium - $643.90 – Up $3.40.

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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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