Morning Gold & Silver Market Report – 12/9/2010
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,389.60
- Silver price - $28.78
- Platinum price - $1,690.00
- Palladium price - $744.50
COMMENTARY: Yesterday’s corrections are leading to early morning gains in the precious metals market. The supply side of market forces often escape the headlines, but they factor in none the less. Reuters reports today that South African gold output fell 1.5% y/y in October. If previous reports coming out of Russia that Palladium stockpiles could run short in 2011 hold, Palladium prices will continue to skyrocket. If optimism of the automobile industry proves accurate, demand for both Palladium and Platinum will only increase.
Are we out of the woods? Depends on who you speak to. US home values are expected to drop by $1.7 trillion this year. There has been optimism expressed for the automobile industry, but overall, the markets still appear to be worried. Today’s jobs report continues to cause concern.
Gold spot price is up $6.40 – Silver price is up 54 cents – Platinum spot price is up $7.60 – Palladium is up $15.50