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.