Closing Gold & Silver Market Report – 11/2/2012
Craig C. Calvin
11/2/2012 4:10:00 PM
GOLD AND STOCKS DROP AS ELECTION LOOMS
A combination of several factors contributed to Gold ending the day the lowest it has been since the latter part of August. With the upcoming election generating uncertainty with investors and the report that October’s non-farm payrolls exceeded expectations, the dollar experienced a surge that pushed Gold down. Prices for Silver, Platinum, and Palladium also saw a dip today.
Despite the positive payroll data, stocks in the U.S. ended the day down as well. According to senior equity trader Larry Peruzzi with Cabrera Capital Markets LLC, the employment data was a “good report that was met with some skepticism. This election is still too close to call so it may be tough to make any bets. Between the seesawing job reports, the too-close-to-call election, mounting damage cost from Sandy and our biggest city at 50 percent, markets seem to be at a bewildered and confused point.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1679.50, Down $37.00.
- Silver, $30.96, Down $1.33.
- Platinum, $1,544.50, Down $27.20.
- Palladium, $601.00, Down $12.40.
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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
