Morning Gold & Silver Market Report – 1/17/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price $1,360.80
- Silver price - $28.26
- Platinum price - $1,805.80
- Palladium price - $791.00
COMMENTARY: In recognition of today’s holiday, the precious metals markets will close at 12:15 PM (CT) and then re-open at 5PM (CT). Gold prices are stabilizing and may gain as Greece’s downgrade could boost demand for safe assets. On January 14, Greece had its credit ratings cut to junk by Fitch Ratings, following similar ratings by Moody’s and Standard & Poor's. Dong Tao, economists at Credit Suisse AG, says gold is likely to see $1500 an oz in the first quarter and climb to more than $2000 in the next five years as inflation will enter into the picture.
Chinese leader HU Jintao will be courted in Washington,D.C. this week. The USA and China continue to probe for ways to foster better relations. Not much is expected in regards to China changing trade or currency policies. Why would they move to USA economic philosophy instead of their own, when theirs is working and ours is not? Hu said, “ the current international currency system is a product of the past”, but does feel it will be a fairly long process before the Chinese renminbi will become the international reserve currency.
Gold spot price is down $1.20 – Silver spot is down 9 cents – Platinum spot price is down $9.20 – Palladium price is down 50 cents