by
Peter LaTona
December 16, 2010
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,377.20
- Silver price - $29.01
- Platinum price - $1,702.50
- Palladium price - $746.00
COMMENTARY: Gold prices are down this morning not so much on news, but more likely the result of profit taking and balancing positions. “The trend is up” according to Wallace Ng, executive director at ABN Amro Bank NV in Hong Kong. He stated that just because metals may test low sides, the fundamentals that have been driving it up for the past ten years have not changed. George Milling-Stanly of the World Gold Council, stated in a CNBC interview this morning that the supply side issues are currently being overlooked,but they will come into play. He pointed out that Central banks, who are normally net sellers of gold, thus adding to supply are now net buyers or gold, thus competing for demand. He also pointed out that the emerging economic powers of China and the Far East do not currently maintain high per cent ages of gold in their reserve currencies, but they will most certainly bring this up significantly to match the amounts held by most Western countries.
Gold price is currently down $11.50 – Silver spot is down – 30 cents – Platinum price is down $5.20 –Palladium price - $9.20
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