Closing Gold & Silver Market Report – 1/6/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price – $1,372.40
- Silver price – $29.12
- Platinum price – $1,735.00
- Palladium price – $763.30
COMMENTARY: Today’s news stays steady on its positive outlook for the stock markets as well as the U.S. dollar moving slightly higher recently. Fewer Americans filed for unemployment checks which boosts prospects for the labor market whose numbers will be released tomorrow. “You’re at the bottom of the trading range, and so there will be bargain hunters,” said Frank McGhee, head dealer at Integrated Brokerage Services in Chicago, “If all the jobs numbers come to fruition, there will be some element of reflation, and the initial sellers in gold this week will become buyers.” There is also news that Stillwater Mining will provide palladium to General Motors until 2013 that might affect palladium’s prices. In all, it seems as though the precious metals numbers may be affected by tomorrow’s jobs report.
Gold spot price is down $2.30 – Silver spot price is down 10 cents – Platinum spot price is up $2.90 – Palladium spot price is down $13.10