Closing Gold & Silver Market Report – 10/15/2012
Brandi Brundidge
10/15/2012 3:59:00 PM
BIGGEST GOLD DROP SINCE JULY; GERMAN AID SOUGHT FOR EUROPEAN NATIONS
Precious Metals prices began to drop this morning over distress that a global recession may be in our future. Also, it is rumored that China may be trying to sidestep additional easing measures. The overall impact of data showing a slower growing worldwide economy is affecting today’s market, especially commodities. “There are no clear signals from China whether there will be more stimulus,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago said in a telephone interview. “Also, overall slowdown concern is sending all commodities, including Precious Metals, down.”
Africa's leading Gold mining operation has been suspended as a reported 19,500 of the 26,700 workers have gone on strike. “The current impasse is extremely unfortunate, not only for the industry and its employees, but also for future growth and development in South Africa, given the critical role that Gold mining plays in our country’s economic development,” Elize Strydom, the mines chamber’s senior executive for employer relations, said in an emailed statement. South Africa was the fifth-largest Gold producing country in 2010.
Germany’s economy is in good standing, but the nation’s willingness to assist Europe’s debtor countries is in question. George Soros, Chairman of Soros Fund Management said, “There is a real danger of the euro destroying the European Union. The way to escape it is for Germany to accept ... greater commitment to helping not only its interests but the interests of the debtor countries, and playing the role of the benevolent hegemon.” Soros suggested that Germany be the leader to support the nations in need of aid.
At 5 p.m. (EDT) the APMEX Precious Metals spot prices were:
- Gold, $1,738.20, Down $21.00.
- Silver, $32.76, Down $0.91.
- Platinum, $1,638.90, Down $17.40.
- Palladium, $634.40, Down $5.70.
APMEX’s Account Managers now have extended hours and are here to serve you until 8 p.m. (EDT) Mondays through Thursdays! If you have any questions about investing in Precious Metals or would simply prefer to place your order by telephone, we are here to help
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
