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Market Reports

Closing Gold & Silver Market Report – 12/10/2010

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,385.50
  • Silver price - $28.70
  • Platinum price - $1,684.00
  • Palladium price - $733.30

 

COMMENTARY: Platinum rebounded into positive territory during afternoon trading, but gold, silver and palladium continued to trade down in a tight range. The market has digested recent news stories, so until the next breaking headline, we should expect precious metals to trade sideways. Of course, precious metals react strongly to “tail risks”. A “tail risk” defined as a sudden or unexpected event with intended or unintended  negative consequences.

Gold spot price was off $7.30 – Silver price was down 12 cents – Platinum price was up $4.10 – Palladium price was down $8.30

The long term outlook for gold remains bullish. Demand in China alone could drive up the market. China currently holds less than 3% of their foreign reserves in gold and they have stated their intentions to bring that up to the same level as Germany. Germany is over 50%. China is only 45% urbanized and yet they consume over 40% of the world commodities. Once they are at 65 % urbanized, how big will their appetite be?

Gold American EaglesGold Canadian Maple LeafsSouth African Krugerrands – All great ways to invest in the gold market

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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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