Morning Gold & Silver Market Report – 10/10/2012

Ted Prince

10/10/2012 8:02:00 AM

GOLD AND EQUITIES MARKETS DOWN AGAIN ON WORLD GROWTH OUTLOOK

Trepidation continues to weigh on investors as the U.S. stock market opened to early losses this morning. A meager outlook for global growth and reduced earnings are the catalysts for market dips in recent days. "We have had a number of large companies reporting poor visibilities and that is going to continue," said Michael O’Sullivan, head of portfolio strategy at Credit Suisse Private Banking in London. "Revenue growth is simply weak because the U.S. economy has slowed, the Asian economy has slowed and Europe is in recession."

Gold is down this morning as negative forecasts for global economic expansion weigh on Precious Metals markets as well. Though Gold has realized three straight sessions of losses, the metal rallied to 11 month highs in the third quarter peaking at $1,795 an ounce. Long term investors are still seeking the security presented by the yellow metal as uncertainty remains pervasive in equities markets. "The long-running rally is intact, however, and we expect that Gold prices will revive after a period of consolidation," said analysts at HSBC bank.

At 9 am (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1760.00, Down $2.50.
• Silver, $33.92, Down $0.08.
• Platinum, $1670.40, Down $21.90.
• Palladium, $651.50, Up $7.70.

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