Mid – Day Gold & Silver Market Report – 12/22/2010
At 12PM the APMEX precious metal prices were:
- Gold price - $1,388.00
- Silver price - $29.37
- Platinum price - $1,732.80
- Palladium price - $757.00
COMMENTARY: Prices are down slightly today for silver and gold but up for platinum and palladium. The prices might be moving laterally today since there are issues occurring that would normally drive prices up and some that would drive it down: The dollar retreated down 0.02% today while the Euro Climbed (due to China announcing that they will be purchasing Portugal’s debt and help the European Union fight against sovereign debt), the IMF selling over 400 tons of gold, as well as the fact that stocks are up today. Due to the negative correlation of gold to that of stocks they will trend opposite of each other (although platinum and palladium have strong ties to industrial uses and usually trend with stocks). Also, tensions in the Koreas are starting up again as South Korea announced that on land and sea they will be exercising their largest ever live-fire drill. This was assumed to be in a direct retaliation to President Lee Myung-bak’s “weak” response to North Korea’s attack on them earlier in the month. Political upheaval directly affects stocks in a negative way and thus, gold in a positive way.
The president of Commodity Resource, George Kleinman, stated that “Many times holiday markets are choppy,” and that although gold has been in a downtrend that ended last week it looks as though it might start trending upward into the new year and reaching $1600.
Gold price is down $1.30, Silver is down 3 cents, Platinum is up $9.90, and Palladium is up $2.90