Gold and silver price per ounce rates closed below break-even to end the last
trading session in October. The session, was negative across the board as the
primary indices in the U.S. all closed out on the negative side of break-even.
Japan made moves to devalue the yen and this pushed the dollar higher. The
dollar gained strength versus a handful of global currencies and this made
precious metal gold and silver more expensive for the majority. Gold and silver
price per ounce rates dropped lower to end the month as a result. Today, global
worries are growing again relevant to the Greek austerity plan. It turns out
that the plan might be more difficult to implement due to Papandreous
announcement that the austerity plan should be subject to another vote. As a
result, the financial crisis in the area is looming darker again and global
indicators are being pressures. The safe haven appeal of gold and silver could
attract attention in this climate. As the trading session reached the mid-day
mark, the primary indices in the U.S. were posting lower across the board.
Contract gold for December delivery was still lower at the mid-day mark by 1.22
percent at 1704.20 per troy ounce. Contract Silver for December delivery was
lower by 3.32 percent at 33.22 per troy ounce according to electronic pricing at
mid-day. Spot gold and spot silver prices were pushing through the negative side
of break-even at this point as well. Spot gold per gram was lower by .82 at
54.65 and spot silver per ounce was lower by 1.60 at 32.75. Camillo Zucari
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