The negative action continues in the marketplace as the fourth quarter begins
in the U.S. Gold and silver price per ounce rates moved to positive ground
during the opening trading session of October as the primary stock index
composites struggled in noteworthy fashion. All three primary stock composites
in the U.S. finished in the red as investors are bogged down by the ongoing
developments relevant to the European banking and financial fiasco. Default is a
real and tangible possibility in Greece right now and investors are worried on a
global scale. The negative ramifications of the potential default, not to
mention the actuality, sends waves of negative pressure overseas daily. The
negative action being observed in the markets is helping to support the safe
haven appeal of precious metals. Gold was benefiting as a result. Prior to
opening bell this morning, spot gold prices continued their positive movement.
Spot gold per gram prices were green at this point, but spot silver prices per
ounce had dropped back below breakeven. As the trading session reached the
halfway point in the marketplace today, the primary stock indices were mixed.
The Dow Jones Industrial Average was still red but the Nasdaq and S&P 500 were
rebounding. Gold and silver contract prices had fallen back. Gold for December
delivery was lower by .46 percent at 1650 per troy ounce. Electronic price for
silver contract was lower by 3.86 percent at 29.60 per troy ounce. Spot gold and
spot silver were both moving in the red as well. Spot gold price per gram was
red by 1.03 at 52.21 and spot silver price per ounce was red by .93 at 29.82.
Camillo Zucari
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