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Closing Gold & Silver Market Report – 1/17/2011

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,362.60
  • Silver price - $28.35
  • Platinum price - $1,809.50
  • Palladium price - $795.50

 

COMMENTARY: The precious metals market has been closed since 12:15 PM (CT) for the holiday. It will re-open at 5PM (CT). Gold price rebounded up 60 cents – Silver price was even – Platinum spot price was down $5.50 – Palladium rebounded strongly up $4.00

The Chinese continue to resist US efforts to get them to allow the Yuan to appreciate. Chinese President Hu Jintao rejected arguments that allowing the Yuan to appreciate would help curb Chinese inflation. US lawmakers argue than an undervalued Yuan hurts US manufactures by artificially holding down the price of exported Chinese goods. 

World Bank President Robert Zoellick is hopeful we will see the global economy recover in 2011, but there are a number of dangers that could dash these hopes. Inflation, especially in the developing countries could level off the growth potentials. Large scale unemployment is another pressing issue and he points out that this is by and larger a global concern.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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