Hurricane Sandy Doesn’t Stop Gold and Silver

Wall St. Cheat Sheet

On Monday, gold (NYSEARCA:GLD) futures for December delivery dipped $3.20 to settle at $1,708.70 per ounce, while silver (NYSEARCA:SLV) edged 29 cents lower to close at $31.75.

Although hurricane Sandy shutdown trading on the New York Stock Exchange for Monday and Tuesday, metals futures contracts still traded on Globex, an electronic platform, and closed at their normal times.

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“The fundamentals of gold never halt — even with a storm looming,” said Jeffrey Wright, a managing director at Global Hunter Securities. “The attention this week will be on the employment report on Friday as well as U.S. election next Tuesday.

The U.S. Labor Department announced on Monday that it will work hard to make sure the jobs report is released on time this week. It is the final reading on the employment situation before the election. “It is our intention that Friday will be business as usual,” said Carl Fillichio, a senior press advisor for the department.

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Disclosure: Long EXK, AG, HL, PHYS