Morning Gold & Silver Market Report – 1/18/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,375.00
- Silver price - $28.92
- Platinum price - $1,825.80
- Palladium price - $808.00
COMMENTARY: Precious metal prices are up sharply in early morning trading. Gold price is currently up $13 – Silver spot price is up 57 cents – Platinum price is up $10.80 – Palladium spot price is up $16.40
From time to time it is helpful to step back and recognize that gold is a currency recognized and traded worldwide. Today’s increase is being driven by Asian buyers concerned about the European debt crisis. Bruce Ikemizu, head of commodity trading at Standard Bank Pls in Tokyo stated yesterday that he was pessimistic that problems will be resolved overnight and that the European financial problem will be a long term bullish factor for precious metals.
Chinese President Hu Jintao arrives in Washington this week to continue efforts to improve relations between the US and China. President Hu’s has made it clear that China intends to move forward on opening its markets, but at its own pace. They will not be pressured by external concerns who wish this to happen quicker and more broadly.