Mid-Day Gold & Silver Market Report – 10/8/2012
Ryan Schwimmer
10/8/2012 1:28:00 PM
SPAIN A SORE SUBJECT IN EUROPE
Precious Metals prices have recovered slightly in morning trading. The U.S. dollar continues to rise against the euro as many are losing confidence in eurozone finance ministers to resolve recent debt issues that have come up. Spain is a particularly sore subject in the region. German Finance Minister Wolfgang Schäuble said, “The Spanish don’t need an assistance program. That is what the government says over and over again, and we should just trust the Spanish government.” However, when the same comment last week was delivered by a Spanish official, it drew laughter from the crowd.
Strikes in South Africa may spread to the public sector in addition to the mines that are dealing with an already reduced workforce. Some of the earlier protests at these mines have turned violent, and some experts are expecting the same thing to happen again. One representative said that dismissed workers “will make sure that there will be no operations operating and that will cause a massacre just like at Marikana,” the site where 34 miners were killed by police on Aug. 16. These strikes are one reason the Platinum price has closed its gap between the Gold price. The two are now separated by about $80.
At 2 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,775.90, Down $4.40.
- Silver, $34.03, Down $0.54.
- Platinum, $1,695.80, Down $8.40.
- Palladium, $658.80, Down $5.40.
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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
