Closing Gold & Silver Market Report – 12/16/2010
At 4PM (CT) the APMEX precious metal prices were:
- Gold price -$1,370.20
- Silver price - $28.92
- Platinum price - $1699.00,
- Palladium price - $738.40
COMMENTARY: There is much discussion today, that gold is down on profit taking and book-squaring. In up years for gold (and other commodities), it is not unusual to see prices go down toward the end of an up year. Why do prices go down? There were many major hedge funds who invested heavily in gold during 2010, and on paper, they have made a very nice profit. However, paper profits are not eligible when it comes time to collect commissions. You have to sell the gold to actualize the profits and collect commissions. We might see some downward pressure now till December 31, but it also is a good time to take long positions. These same funds selling now may very well jump back in come January.
Gold price was down $16.50 – Silver price down 34 cents – Platinum price down $6.40 – Palladium price down $15.30
Gold American Eagles, Gold Canadian Maple leafs and Gold bars are all great choices for taking a long position in gold.
APMEX’s ‘News and Commentaries’ 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.