Closing Gold and Silver Market Report – 01/12/2011
At 4 PM (CT) the APMEX precious metal prices were:
- Gold price - $1,388.80
- Silver price - $29.71
- Platinum price - $1,803.90
- Palladium price - $812.00
COMMENTARY: Today’s precious metals trend continued as gold and silver remained relatively flat, while platinum and palladium gained on industrial demand. As mentioned earlier in this space, Portugal’s debt auction was considered successful by many, and major euro zone states are concocting a resolution to the bloc’s debt crisis within the next two months. German Deputy Foreign Minister Werner Hoyer alludes that Portugal should not be forced into a European-led financial rescue, which a bond auction today showed may not be needed. The news of the successful sale of bonds, however, has not alleviated the debt concerns still felt in the euro zone. Pradeep Unni, senior analyst at Richcomm Global Services, says, "With the euro still deep (in the) debt crisis and physicals using every dip to buy the metal on anticipation of an extended rise, there is little downside possibility for gold, at least in this quarter.” He even goes on to add, "Weakness in the dollar and rising oil will add to the...reasons to hoard gold."
Gold spot price was up $3.50 on the day – Silver price was up 20 cents – Platinum price was up $35.60 – Palladium price was up $27.30.