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Morning Gold & Silver Market Report – 10/27/2011


Overnight trading was fairly volatile for gold and silver while platinum, palladium, and global stocks rallied on the news that leaders in the euro zone have agreed upon a plan to shore up Greece’s debt burden and to contain the debt crisis in the whole region.  In the agreement, private bondholders will take a 50% write-down on their holdings of Greek debt, the European Financial Stability Facility will be increased to over 1 trillion euros, and there will be a recapitalization of European banks.

The weekly first-time jobless claims report showed a drop of 2,000, while the four-week moving average fell closer to the pivotal 400,000 mark.  In a report that was very optimistic for a change, U.S. gross domestic product rose by 2.5% in the third quarter, showing that the economy is expanding at a rate that’s nearly double what it was for the second quarter.  Inflation is also believed to be down to the 2.0% level, which is down from the 3.3% level in the second quarter.

With the ‘good’ news out there, investors tend to be willing to take on more risk in equities.  Nikos Kavalis of RBS said, “Gold has had a mixed relationship with risk recently – euro strength has generally been supportive since the September sell-off.  But more recently we saw the correlation break down and gold trade as a safe-haven asset once again … [I]n addition to the European debt problem, we are getting closer and closer to the November 23 deadline for the U.S. debt reduction deal.  I cannot be bearish on gold at the moment.”

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

  • Gold - $1,726.80 – Up $1.30.
  • Silver - $33.91 – Up $0.56.
  • Platinum - $1,616.20 – Up $19.00.
  • Palladium - $672.30 – Up $24.30.

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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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