Morning Gold & Silver Market Report – 1/10/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,372.90
- Silver price - $28.95
- Platinum price - $1,744.30
- Palladium price - $755.80
COMMENTARY: Precious metals are flat this morning, but there are plenty of stories around the world brewing under the surface that may affect prices at some point. Here in the U.S., we had the tragedy in Arizona. In Europe, Portugal is the hot topic, facing pressure to accept aid to prevent its crisis from spreading to other countries. It’s not just Portugal, though, as it started with Greece and Ireland, and more could be on the way. An author of a new book also says that this euro zone debt crisis could extend to China, and then America, threatening global recovery. Andrey Kryuchenkov of VTB Capital says, “The escalation of euro zone troubles from here will see a slight price rebound [for gold] – maybe not to the (early January) highs, but there is some risk-averse buying.” Of course, Kryuchenkov speaks of the safe-haven “insurance policy” appeal of gold and other precious metals. On a bit more of an extreme side, Robin Griffiths of Cazenove Capital says that investors who don’t own gold are “insane,” mostly because “real assets hedge paper money being printed into oblivion, so you’ve got to own gold and you’ve got to own other commodity-related investments still.”
Gold spot price is up $3.00 – Silver spot price is up 26 cents – Platinum spot price is up $8.00 – Palladium spot price is down $1.20.