Closing Gold & Silver Market Report – 10/16/2012
Nicholas Wilsey
10/16/2012 4:03:00 PM
GOLD REBOUNDS; EURO’S FUTURE DEPENDS ON GERMANY
After a four week low, Gold rebounded today on the news of a possible bailout for Spain, which caused the euro to gain value and in turn caused the dollar to slip. Historically, when the dollar goes down the price of Gold increases. “The Gold market experienced momentum-based selling but appears to have found a base” around $1,735, Australia & New Zealand Banking Group Ltd. (ANZ) analysts, led by Mark Pervan, reported.
The European Union has had its fair share of ups and downs over the past year. There have been many obstacles to overcome and many still in the way of a financial recovery in the region. One economist says that Germany must step up and lead the efforts or risk the downfall of the Union as a whole. “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,” billionaire fund manager George Soros said on Monday.
As the United States election draws near, the economy is by far the number one topic of debate. Today’s reports from the Federal Reserve shone a positive light on the U.S. economy, as industrial production rose in September. Reports have shown that consumer spending and the housing markets have also improved. “The economy is regaining momentum it appeared to have lost in the spring,” said Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1748.30, Up $11.20.
- Silver, $32.99, Up $0.23.
- Platinum, $1644.40, Up $15.10.
- Palladium, $639.50, Up $5.90.
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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
