Mid-Day Gold & Silver Market Report – 9/28/2012
Ted Prince
9/28/2012 12:00:00 PM
GOLD ON PACE FOR LARGEST QUARTERLY GAIN IN MORE THAN TWO YEARS
Stocks dropped today as reports reveal a reduction in industrial activity in the Chicago area. The data from Chicago, the United States’ third largest metropolitan area, comes just weeks after similar news of a contraction in manufacturing output in New York. “What we’re seeing here, particularly in the Midwest, is a weakness in autos and all the things that go into them, like primary metals,” said Stuart Hoffman, chief economist at PNC Financial Services Group. After the latest wave of monetary stimulus and a better than expected quarter for stocks, Hoffman commented on the dip by stating, “So now we’re having a step backward as some of the QE3 inspired gains dissipate.”
Gold prices have fallen slightly today as the dollar is up against other world currencies. Though today’s decline is the metal’s second in three days, Gold is set to realize its largest quarterly gain since 2010. "The most obvious catalyst for Gold to break higher this year is going to be good news out of Europe," Mitsui Precious Metals analyst David Jollie said. "Anything that is dollar negative is going to help Gold move to fresh highs for the year."
At 1 (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,772.60, Down $6.90.
- Silver, $34.52, Up $0.15.
- Platinum, $1,663.00, Up $14.90.
- Palladium, $640.30, Up $3.90.
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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
