Closing Gold & Silver Market Report – 12/21/2010
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,386.60
- Silver price - $29.41
- Platinum price - $1,714.60
- Palladium price -$756.00
COMMENTARY: Gold spot price and silver price were basically flat as they traded up and down all day long. Platinum and Palladium continued to move up on supply side concerns. Mining for platinum in South Africa is getting more expensive and difficult, while the Russians are running out of palladium stock. Platinum was up $12.90 and palladium was up $10.30.
Meredith Whitney, a well known and respected financial analyst, is defending the uproar over her recent “60 Minutes” interview. In that interview she defended her position that 50 to 100 towns could default on their debt as state and federal governments cut back on their support. Muni experts of course disagree, but it cannot be discounted that Ms. Whitney was one of the few who called the recent financial collapse. As she says, it is all in the numbers. A wave of muni defaults would not only create social unrest, but it would severely hamper any economic growth.