Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 1/7/2011

At 12 PM (CT) the APMEX precious metals prices were:

  • Gold price - $1368.70
  • Silver price - $28.86
  • Platinum price - $1,735.40
  • Palladium price - $755.00

COMMENTARY: Today’s disappointing job report could not be tempered by a slight drop in overall unemployment. Simply stated, the economic outlook is not as favorable as some thought earlier in the week. Bruce Bittles, chief investment strategist at Robert W. Baird, says the data is misleading because it “means a lot of people just gave up”. The news caused the US dollar to retreat, which is causing the price of gold, after hitting a six week low, to finally show signs of recovery. Carl Furman of VM Group says, "If you have a sustained period of good, positive U.S. data, which points towards a good U.S. recovery, the dollar is bound to strengthen slightly, and that is generally negative for the gold price.” Each investor should decide for them self whether the US economy is really out of the woods and will the US dollar continue to get stronger. For these to happen it will be important that we receive no unpleasant surprises.

 

Gold spot price is down $4.00 – Silver spot is down 29 cents – Platinum spot price is up $2.30 – Palladium spot price is down $8.90

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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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