Closing Gold & Silver Market Report – 10/31/2012
Geoffrey Varner
10/31/2012 4:02:00 PM
WALL STREET RETURNS TO WORK; GOLD DOWN FOR MONTH, UP FOR YEAR
Halloween isn’t enough to scare up a full day’s worth of gains on Wall Street. The stock market was open for a full day after Hurricane Sandy shut everything down for a two-day closure, the first since 1888. Jonathan Corpina, senior managing partner at Meridian Equity Partners in New York, is quoted saying, "I was driving in at 5:45 this morning in the dark, but the red and blue lights of the exchange were on, and it was clear that ours was the only building down here that was functional.” Trading started strong but moderated during the day.
Gold rose to a one-week high, breaking $1,720 earlier today. Saxo Bank vice president Ole Hansen said Gold “has been forming a good base over the last couple of days.” He continues, saying that speculators may be dipping their toes in again. The gain for Gold is a positive since it dropped 3.1 percent in October; however, Gold has gained 9.7 percent this year.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1721.9, Up $9.30.
- Silver, $32.27, Up $0.44.
- Platinum, $1568.50, Up $17.40.
- Palladium, $605.00, Up $7.90.
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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
