Morning Gold & Silver Market Report – 1/11/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,384.30
- Silver price - $29.66
- Platinum price - $1,760.00
- Palladium price - $775.00
COMMENTARY: Precious metals prices are back on the rise this morning amid deepening worries about the spread and severity of the European debt crisis. Portugal has a “make-or-break” debt auction Wednesday, and Spain follows Thursday. The declining gold prices of the last week have spurred interest in the metal from consumers in China, driving up the demand and also boosting the price.
With gold hitting all-time highs recently, there has been some talk of gold being considered “in a bubble.” Deutsche Bank AG says that gold would have to exceed $2,000 an ounce to be considered in a bubble. They are also predicting that gold will gain this year and perform strongly thanks to expanding emerging-market economies (China), the Federal Reserve trying to stoke U.S. growth, the aforementioned European sovereign-debt risk, and lower supply.
Gold spot price is up $9.20 on the day – Silver price is up 78 cents – Platinum price is up $16.90 – Palladium price is up $24.30