Morning Gold & Silver Market Report – 12/22/2010
- Gold price - $1,390.00
- Silver price - $29.39
- Platinum price - $1,729.30
- Palladium price - $758.90
COMMENTARY: The IMF released a statement Tuesday night saying they have completed a large program of gold sales (reportedly 403.3 tonnes), thus removing one of the few bearish elements restraining the gold bullion market. Gold spot price has not moved appreciatively on the news, but this is not unexpected as company’s continue to unwind positions before December 31. Palladium continues its upward climb, perhaps on the statement issued by Norilsk (the world’s biggest producer of nickel) that they see Russia selling “insignificant” amounts of palladium next year before completely exiting the market in 2012.
Gold spot price is up 70 cents – Silver price is down 1 cent – Platinum price is up $5.10 – Palladium spot price is up - $4.90
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.