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

STOCKS POST MASSIVE GAINS ON NEWS OF EURO ZONE DEAL

Precious metals are up slightly since the mid-day commentary, pushed by a weaker dollar and euro.  However, stocks were the real news makers today, with the S&P 500 gaining 3.43% as it pushes toward its biggest monthly rally in almost 4 decades.

However, consumer confidence has fallen to its lowest level since April 2009.  95% of participants in the survey had a negative view of the economy, and all three components of the survey showed declines.  “Consumer sentiment remains mired knee-deep in the big muddy of an epic housing mess, household deleveraging and a broken labor market,” said Joseph Brusuelas, Senior Economist for Bloomberg.

Lawmakers may be becoming complacent in their efforts to close the federal spending gap, as Reuters reported today that many lawmakers do not think another credit rating downgrade could affect the economy. Congressman Michael Grimm said, “There have been some that think we can absorb another [downgrade] and they hide behind the fact that the credibility of the ratings agencies has been called into question.”  The attitude that the United States is the “cleanest dirty shirt” may cause paralysis in a congress that is divided on such a hot-button issue.

At 4:06 pm (CT) the APMEX precious metals spot prices were:

  • Gold - $1,748.90 – Up $23.40.
  • Silver - $35.14 – Up $1.79.
  • Platinum - $1,638.60 – Up $41.40.
  • Palladium - $669.50 – Up $21.40.

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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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