Closing Gold & Silver Market Report – 12/8/2010
At 4PM (CST) the APMEX precious metals prices were:
- Gold price – $1,382.80
- Silver price – $28.41
- Platinum price - $1,686.70
- Palladium price - $727.40
COMMENTARY: As was discussed in the Mid-Day Commentary, profit-taking and fears of Chinese interest rate increases have driven the prices of most commodities down. These key macroeconomic reports are now to be released on Saturday, two days earlier than the original schedule. Staying in Asia, Korean tensions may push gold to new highs before the end of the year. If gold goes up, the other precious metals usually follow.
CNBC.com made predictions for 2011:
- Platinum and palladium increase as investors move to ETFs
- Gold and silver will reach new highs early in 2011. Gold will be moved by ETFs and bank buying. Silver will be driven by industrial demand.
Gold price is down $26.20 – Silver spot price is down $1.37 – Platinum price is down $19.50 – Palladium spot price is down $11.30