Closing Gold & Silver Market Report – 10/1/2012
Ryan Schwimmer
10/1/2012 4:00:00 PM
IS THE ECONOMY REALLY IN “PRETTY GOOD SHAPE?”
Precious Metals prices fell in afternoon trading, though the prices are still being supported by easing monetary policy and lingering eurozone troubles. Silver, Platinum, and Palladium were boosted by positive manufacturing data due to their industrial uses. Chicago Fed President Charles Evans “was extremely dovish” about the third round of quantitative easing in the U.S., according to RJO Futures’ Phillip Streible. “He was full-throttle on QE.”
Scott Nations, president and chief investment officer at NationsShares, says that the economy is in “pretty good shape”. He added, “Spanish banks are only 60 percent as broke as we feared, and I think that’s good enough to overcome eurozone joblessness of 11.4 percent”. Nations cited unlimited bond-buying as a positive in the eurozone, suggesting that such an act will overshadow the politics that have crippled some eurozone economies. Although Nations downplays many of the issues for the global economy right now, many other analysts and experts disagree.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,776.40, Up $3.50.
- Silver, $34.70, Up $0.13.
- Platinum, $1,681.20, Up $14.90.
- Palladium, $646.10, Up $4.40.
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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
