Morning Precious Metals Update: Halloween Edition

October 31st, 2012 by

Yay, Wall St. lives! (I guess.) We’re likely to see a jump into positive territory, at least initially, as people catch up from missing two days of trading. Spot gold took a quick dip at the opening bell, but quickly came back to flirt around the $1,720/oz. mark this morning.  Silver is still in its new comfort zone between $32 and $32.50 an ounce.  The U.S. dollar is pulling back from a 6-week high, helping gold prices. With today being the last trading day of the month, combined with the pent-up demand from the markets being closed two days, volume is likely to be high.  It will be interesting to see how this delayed demand interacts with the impulse for investors to have a “wait and see” attitude ahead of Friday’s U.S. jobs report.  The economic news out of Europe yesterday was less than rosy, helping precious metals prices overseas. I expect the muddled signs will begin to clear by the end of this atypical week in the markets.

-by David Peterson