Closing Gold & Silver Market Report – 10/30/2012
Nicholas Wilsey
10/30/2012 4:02:00 PM
GOLD STAYS FLAT IN STORMY WEATHER; EUROPE SHOWING IMPROVEMENT
Gold hovered today as Hurricane Sandy passes over the East Coast of the United States. While there has not been much movement in the price of Gold, the small amount has been positive. A couple of reasons have been the positive economic reports out of Europe and the news of more monetary easing. One of the main reasons for continued easing in the U.S. is the lack of improvement in the unemployment rate. Peter Fertig, a consultant with Quantitative Commodity Research, said, “The level of unemployment is still at a level where the Fed does not feel comfortable with it.”
Reports from two of the leading European financial institutions have shown signs of hope in a failing economy. Even though the news of a financial collapse in the region was common, the new banking reports have given talk to a strong recovery. UBS CEO Sergio Ermotti was quoted in a recent article as saying, “I’m very pleased with the way we performed in the third quarter…it really started bad but…across the board we were able to manage profitability in all the segments of the bank. If you look at wealth management we had the best quarter in five years in terms of making money.”
At 5 pm (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1710.50, Up $1.30.
- Silver, $31.81, Up $0.05.
- Platinum, $1552.90, Up $21.50.
- Palladium, $595.50, Up $4.80.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would 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
