Closing Gold & Silver Market Report – 11/5/2012
Brandi Brundidge
11/5/2012 4:25:00 PM
HOW WILL THE U.S. PRESIDENTIAL ELECTIONS AFFECT GOLD?
Gold prices are gaining today as the U.S. Presidential election approaches, which has been the focal point for 2012 in the investment market. The speculation on which candidate will be elected and what they will bring to the table has been strong today as many have shared their outlook for what it could mean for Gold. Phil Streible, senior commodities broker at RJO Futures offered his comments. To the possibility of President Obama being re-elected, he said we would continue to see, "fiscal irresponsibility, (Federal Reserve Chairman) Ben Bernanke going all the way through [his term], quantitative easing full throttle, weaker dollar.” Streible then speculated on a Mitt Romney victory, saying, "You get Romney and he's planning on shrinking the government, cutting spending, becoming more fiscally responsible ... so you're probably going to see a stronger dollar, weaker metal on him.”
A private sector report shows that U.S. consumer confidence rose for the month of October as Americans are beginning to feel more optimistic about the economy. The report reflected a reading of 72.2 for October, an substantial increase from the reported 68.4 in September, and the highest level since February 2008. The labor and housing market are both more upbeat than previously recorded as consumer certainty is improving with the holidays approaching soon. It is expected that new home construction will create growth this year, which would be the first time since 2005.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,686.90, Up $10.20.
- Silver, $31.21, Up $0.32.
- Platinum, $1,542.90, Down $0.50.
- Palladium, $612.40, Up $11.70.
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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
