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Closing Gold & Silver Market Report – 2/21/2012

GOLD, SILVER PRICES HEAD HIGHER THROUGH DAY  

The headlines give the Greek bailout settlement credit for the big move in Gold and Silver prices today, and that was no doubt a factor. However, the wise investor might look deeper. These prices might reflect a world in constant turmoil, and this Greek package (which is not fully approved), might be but a small contributor. Oil prices are beginning to rise sharply as tensions between Iran and the West escalate. The Iranians know that the U.S. is certain to retaliate should they block the Strait of Hormuz. But would that deter them? How long will Israel sit back and wait? Rising oil prices are certain to threaten a fragile economic recovery should they continue to go up. Add to this that China just loosened its banking requirements, thus joining Europe and the U.S. in pumping more paper money into its financial system. None of these factors would lead anyone to predict falling Gold and Silver prices, so perhaps today’s movements do reflect more than just one global event.

At 4 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold – $1,760.70 – Up $35.80.
  • Silver - $34.41 – Up $1.13.
  • Platinum - $1,692.50 – Up $57.60.
  • Palladium - $711.00 – Up $21.90.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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