Mid-Day Gold & Silver Market Report – 11/1/2012
Ryan Schwimmer
11/1/2012 1:17:00 PM
SLOW GROWTH COULD LEAD TO BAD NEWS FOR FINANCIAL MARKETS
Stocks have gained approximately 1% so far today as Gold and Silver have turned downwards. Economic data from the U.S. and China supported thoughts of a growing global economy, according to Scott Wren of Wells Fargo Advisors. Wren said, “The data still tells me we’re in a modest growth and modest inflation economy going into next year… I don’t think you can read too much into this particular bounce…”
This type of slow growth, however, could lead to bad news for financial markets in the future. William Gross, co-chief investment officer of PIMCO said, “Financial repression and quantitative easing were supposed to be the extraordinary monetary policies that kick-started the real economy in the other direction. They have not. [There is] a growing risk that the negative consequences of misguided monetary and fiscal policy might lead to disruptive financial markets at some future point.”
At 2:09 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,716.80, Down $3.30.
- Silver, $32.27, Down $0.08.
- Platinum, $1,568.70, Down $5.80.
- Palladium, $612.50, Up $1.70.
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
