Mid-Day Gold & Silver Market Report – 1/13/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold price: $1,385.80
- Silver price: $29.33
- Platinum price: $1,821.00
- Palladium price: $814.00
COMMENTARY: Gold and silver are staying in limbo today with mixed news floating about. Platinum and Palladium are continuing to make gains on the industrial market’s gains. As mentioned this morning, Portugal and Spain did exceptionally better than expected in the debt auction which has people relaxing a little about Europe’s debt crisis and now there is news that South Korea has also raised key interest rates by 25 basis point to fight rising costs. This came after President Lee-Myung-bak reportedly announced a “war inflation.” This kind of talk may say more to the severity of the situation in the Koreas than any positive action to stop inflation.
GFMS notes that the view that all of the world currencies will go flat is informing gold investment activity, with gold being regarded as the best hedge against official policies that are seen as undermining these currencies. GFMS also believes that gold prices of $1600 are feasible this year.
Gold spot price is down $1.50on the day – Silver is down 25 cents – Platinum is up $20.90 – Palladium is up $6.30.