Closing Gold & Silver Market Report - 10/8/2012
Brandi Brundidge
10/8/2012 4:22:00 PM
GOLD HOLDS FIRM; SPAIN MAY BE ON ITS OWN
Gold felt some pressure today as the U.S. dollar strengthened and profit taking began. However, the yellow metal is proving it can hold its ground by making up part of its morning loss for the day. It is expected that the American economy will see more optimistic news, and that along with the further downfall of Europe will be positive for the U.S. dollar’s value. David Wilson, an analyst from Citigroup, said, "Obviously, Europe is still continuing to struggle, and that would suggest that the rally is done for the time being, although I'm not saying Gold won't see more upside further out."
As eurozone finance ministers announced a 500 billion euro bailout plan, they made it clear that Spain would not be receiving assistance as the market had anticipated. German Finance Minister Wolfgang Schaeuble stated that Madrid has indicated they do not want any aid. "Spain needs no aid program. Spain is doing everything necessary, in fiscal policy, in structural reforms. Spain has a problem with its banks as a consequence of the real estate bubble of the past years. That's why Spain is getting (EU) help with banking recapitalization," said Schaeuble.
At 5:15 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,777.10, Down $3.20.
- Silver, $34.02, Down $0.56.
- Platinum, $1,694.90, Down $9.30.
- Palladium, $659.50, Down $4.70.
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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
