Our Daily
Market Reports

Closing Commentary – 10/21/2010

At 4PM (CT) the APMEX spot prices were:

  • Gold - $1,328.80
  • Silver - $23.23
  • Platinum - $1677.00
  • Palladium - $589.80

 

COMMENTARY:The US Dollar rebounded sharply today, which created pressure to capture profits in the precious metals markets.Precious metals were down across the board. A strong sell off in crude oil future prices only exacerbated the situation. We need to pay close attention to the G-20 meeting that takes place this Friday and Saturday in South Korea. If most major countries indicate a continued preference to keep their currencies deflated, it will be bullish for precious metals.

Palladium generally does not get much attention, but a recent report on Reuters states the case for Palladium at $1000, if Russian state stockpiles are as close to depletion as they are being reported. Palladium Bars or Palladium Canadian Maple Leafs are both excellent choices.

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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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