The precious metals market has shown positive gains today for a couple of reasons. The big reason is the presidential election in the United States. Many experts believe President Obama will repeat as president and that has given the markets a boost. “The prime driver for gold and silver has been the prospect for monetary inflation and quantitative easing. So an Obama victory would support [the view] that these policies would continue unabated,” says Brien Lundin, editor of Gold Newsletter. The second factor in today’s rising prices comes from Europe. The recovery efforts in the region have almost come to a standstill and patience is wearing thin. “We are seeing investors getting disillusioned about the euro zone, the positive factor from the ECB’s plan to buy bonds is fading and that is fundamentally weighing on the euro,” said Neil Mellor, currency strategist at Bank of New York Mellon in London.
In Greece the parliament is set to vote on budget cuts to help secure loans from lenders. However, the people of Greece are far from pleased with these proposed cuts. Today started a massive walk-out by two of the largest labor unions in the country. The estimated number of protesters could be in the hundreds of thousands. The Greek people are not at a loss for words regarding the situation. “The measures are wrong, the politicians and the rich aren’t paying their taxes and the only ones paying are those on 300 and 500 euros a month,” said Dimitris Karavelas 42, who has been forced to shut down his small construction company.
At 5:00 pm (EST), the APMEX precious metals spot prices were:
- Gold, $1717.50, Up $32.80.
- Silver, $32.03, Up $0.86.
- Platinum, $1554.40, Up $13.20.
- Palladium, $618.60, Up $14.70.
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