Closing Gold & Silver Market Report – 9/27/2011
Stephanie Chandler
9/27/2011 4:03:00 PM
GOLD MAKES 12% RECOVERY
Precious metals have relaxed a little since mid-day trading, however they have not strayed far. Gold has recovered 12% since yesterday’s numbers as the other precious metals are also sharing in a nice recovery. Investors seem to be taking advantage of the dip in prices. George Gero, Senior Vice President at RBC Capital markets, says, “We may see the new trading range develop at the higher level, $1,625-$1,700…gold’s rally is a major relief to investors…” Barclays Capital also feels that the larger picture for gold has not changed and is still “gold fertile.” The firm says that the eurozone’s ballooning debt issues as well as “macro insecurity amid low interest rates continues to be supportive for gold beyond the near-term weakness.”
On a side note, the bullion-buying season for China and India is nearly upon us. Festivals and holidays, such as China’s National Day (a week-long celebration that begins October 1), will begin to affect gold prices shortly, as they are typically strong gold-buying periods for the emerging nations.
At 4:00 PM (CT) the APMEX precious metals spot prices were:
- Gold - $1,654.70– Up $58.90.
- Silver - $31.90 – Up $1.99.
- Platinum - $1,570.40 – Up $20.50.
- Palladium - $650.30 – Up $20.90.
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
