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.