Closing Gold & Silver Market Report – 10/09/2012
Nicholas Wilsey
10/9/2012 4:02:00 PM
GOLD CLOSES DOWN; EURO FINANCE MINISTERS MEET
For the third consecutive day, Gold has closed lower. Signs point to a sluggish global economy. The unease in Europe continues with protests in Greece during the German Chancellor’s visit. China announced more monetary easing due to disappointing market reports in the country. Jeffrey Sica, chief investment officer at SICA Wealth said, "I do believe the slowdown in China will be much more severe than people anticipate and there is nothing the central bank can do to change it." The factors of the global markets struggling and the improvement in the U.S. dollar’s value have given cause for the yellow metal to dip.
Today the finance ministers for the countries in the European Union met in Luxembourg to discuss the ongoing efforts to bring financial stability to the region There are many countries involved, which means there are also many opinions on how to proceed. Dutch Finance Minister Jan Kees De Jager summed up the idea of a banking union between countries by saying, "We should do it step by step with proved, effective supervision, so not fixed on the calendar, but fixed on the substance."
At 5 pm (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1765.30, Down $9.90.
- Silver, $33.95, Down $0.07.
- Platinum, $1690.00, Down $5.80.
- Palladium, $658.00, Up $0.00.
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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
