Morning Gold & Silver Market Report – 1/12/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,382.10
- Silver price - $29.66
- Platinum price - $1,794.50
- Palladium price - $806.00
COMMENTARY: Platinum and palladium are off to a strong start this morning, likely thanks to optimism in the auto industry. Such optimism off of the Detroit Auto Show will increase demand for these metals. Gold is having an interesting morning so far, as it is trading fairly flat. This could be due to a successful auction of Portugal’s debt, which affects the safe-haven appeal of gold. Paolo Pizzoli, an economist at ING Bank, explains that the “auction shows that, for the time being, Portugal is still able to access financial markets, if at a price.” Transversely, India, the world’s biggest bullion consumer, is expected to announce a record for gold imports in 2010 specifically on its safe-haven appeal. Normally the assumption with India is that most of its importing is due to demand on the jewelry side, however, Ajay Mitra of the World Gold Council explains that “while jewelry is a form in which a lot of consumers do buy in India, the core proposition really is security for the future, which is the investment angle for buying into gold.”
Gold spot price is down $3.20 on the day – Silver price is up 15 cents – Platinum price is up $26.20 – Palladium price is up $21.30.