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Lloyds Commodities: Hurricane Irene pounds east coast, but storm less severe than predicted

Stock markets opened the week of Aug. 29 higher than expected after Hurricane Irene hit the east coast. This lowered the price of gold, but not enough to encourage investors to stop investing in the precious metal, according to Lloyds Commodities.

 
PRLog - Aug. 29, 2011 - PALM BEACH GARDENS, Fla. – To some investors’ surprise, Wall Street opened more than 1 percent higher on Aug. 29 following a weekend of tropical storm conditions on the east coast due to Hurricane Irene.

That, along with Federal Reserve Chairman Ben Bernanke speaking in Jackson Hole, Wyo., raised consumers’ hopes for more improvements to the economy.

According to Reuters, Standard & Poor’s 500-stock index rose 20.19 points, or about 1.7 percent. The Dow Jones industrial average gained 161.05 points, or 1.4 percent, and the Nasdaq composite added 49.99 points, or 2 percent.

“Though many Wall Street workers were stuck at home as subways and bus lines were shut down Friday, they are now operating. Traders are relieved that Irene caused less damage over the weekend than was feared,” said Frank Gaudino, managing partner at Lloyds Commodities, a physical commodity wholesale dealer based in Palm Beach Gardens, Fla.

In fact, according to statistics obtained from Eqecat by Reuters, hurricane Irene caused between $200 million and $400 million in insured losses in the Carolinas. This suggests the storm was far less severe than the financial industry had forecasted.

That’s not to say that Irene blew through the coast without destruction. “Our condolences go out to the families who lost loved ones,” Gaudino said.

Gaudino’s company, Lloyds Commodities, notes that the price of gold has slightly fallen since the stock market has risen.

Still, gold is settling high around $1,800 per ounce -- which Gaudino renders an excellent time to enter the precious metals market.

As a gold wholesale dealer, Lloyds takes independent precious metal retailers under their wing to help dealers enhance their assets. Lloyds teaches dealers the ins and outs of gold, silver, platinum, palladium and copper investing.

“The stock market may be experiencing signs of recovery, but the truth is that we live in unpredictable economic times and have flirted with global recession for months,” Gaudino said. “Precious metal retail is a booming industry because investors are trying to diversify their portfolios now more than ever before.”

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About Lloyds Commodities

Lloyds Commodities is a wholesale dealer specializing in the purchase and sale of precious metals such as gold, silver, platinum, palladium and copper. Lloyds maintains relationships with worldwide suppliers, financing institutions, and investment bankers to maintain client equity. Lloyds has extensive back-office support for day-to-day operations -- including trade confirmations and statements -- allowing its retail clients to focus on expanding and marketing their businesses. For more information about Lloyds Commodities, visit http://www.lloydscommodities.com/.

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Source:Molly Albrecht, Robert Sharp & Associates
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Industry:Business, Finance, Insurance
Tags:Lloyds Commodities, precious metals wholesale dealer, Hurricane Irene, stock market, gold bullion, ben bernanke
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