Gold and Silver prices opened lower in early morning trading, but prices moved up rapidly as the opening bell neared. Eurozone manufacturing data that came out this morning confirms the worst performance since the Great Recession. Despite widespread cost cutting to make products more attractive, consumer demand continues to drop. Some analysts speculate that problems in the eurozone periphery are not affecting root members such as Germany.

Manufacturing numbers in the United States may have contracted again in September, which would be the fourth straight month. Exports are down as a result of a cooling global economy, while at the same time, U.S. consumers continue to spend less. The U.S. jobs outlook is not looking any better, as weakening demand is causing companies such as Bank of America, Hewlett-Packard Co, Staples Inc and Eastman Kodak Co to look to further cut costs.

At 9 a.m. EDT the APMEX Precious Metals spot prices were:

  • Gold, $1,790.90, Up $18.00.
  • Silver, $35.38, Up $0.80.
  • Platinum, $1,681.10, Up $14.80.
  • Palladium, $654.00, Up $12.30.

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