Closing Gold & Silver Market Report - 10/11/2011
Robert Davis
10/11/2011 4:09:00 PM
IRAN MURDER PLOT FOILED; RELATIVELY FLAT DAY IN THE MARKETS
Gold and silver are trading at prices close to where they ended the day yesterday. Stocks were little-changed since yesterday as well, with the S&P 500 gaining a measly 0.05%.
A plot allegedly by the Iranian government to kill the Saudi Ambassador to the United States has been foiled by the Drug Enforcement Administration (DEA) and the FBI. FBI Director Robert Mueller said the plot was “like the pages of a Hollywood script.” He added, “This case illustrates that we live in a world where borders and boundaries are increasingly irrelevant.” The alleged Iranian conspirators were apparently working with a drug trafficking cartel in Mexico, which is why the DEA was involved in the bust. The Saudi kingdom is ruled by a Sunni administration, which has clashed politically with the Shiite rulers of Iran over issues surrounding Iraq, among others.
Slovakia officially voted down the measure to approve expanding the European Financial Stability Facility this afternoon, but is expected to pass the measure in a later vote.
According to data compiled by Bloomberg, some of the world’s top currency trading companies are predicting a decline in the value of the U.S. dollar in the last three months of 2011. While no QE3 has officially been announced, many on Wall Street are speculating that the Fed could expand its balance sheet – a diplomatic way of saying “printing money” – in an effort to stave off a double-dip recession. According to John Normand, Global Head of Foreign-Exchange Strategy for JP Morgan, “The bias will be for a modest retracement in the dollar from current levels.”
At 4:05 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,666.70 – Down $6.10.
- Silver - $32.14 – Up $0.12.
- Platinum - $1,523.40 – Down $1.70.
- Palladium - $607.00 – Down $9.30.
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
