Mid-Day Gold & Silver Market Report - 10/1/2012
Brandi Brundidge
10/1/2012 12:53:00 PM
FEDERAL RESERVE STRIVES TO CREATE GROWTH FOR U.S. ECONOMY
Gold rallied this morning with what was reported as a rush of hedge fund buying for the beginning of a new quarter. A number of events this week could affect the price of Gold, but there are two main focal points: An updated United States unemployment report and a European Central Bank policy meeting. “To keep it simple, bad news, of which there is a lot in the euro zone, is good for markets. It means more positive (central bank) stimulus," Societe Generale analyst Robin Bhar said.
Federal Reserve Chairman Ben Bernanke spoke at the Economic Club of Indiana today, stating the Fed’s objectives of price stability and maximum sustainable employment have not changed. Bernanke said, “These goals mean, basically, that we would like to see as many Americans as possible who want jobs to have jobs, and that we aim to keep the rate of increase in consumer prices low and stable.” During the United States’ recession of 2007-09, the Fed lowered borrowing costs to almost nothing and purchased $2.3 trillion in mortgage and Treasury securities to create and sustain growth. Not everyone has been on board with the Fed’s decisions to lower interest rates or to create further easing but Bernanke believes the measures will boost the economy.
At 1:53 p.m. (EDT) the APMEX Precious Metals spot prices were:
- Gold, $1,781.80, Up $8.90.
- Silver, $34.99, Up $0.42.
- Platinum, $1,675.90, Up $9.60.
- Palladium, $645.40, Up $3.60.
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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
