Closing Gold & Silver Market Report – 1/20/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,346.80
- Silver price - $27.53
- Platinum price - $1,811.90
- Palladium price - $812.90
COMMENTARY: Precious metal prices fell in early morning trading and then stabilized.Although precious metals are a long term play for those acquiring the actual physical metal, the popularity of gold has allowed for price movements based on nothing but the day’s news cycle. China and Brazil are raising interest rates to fight inflation. The economic data looks good so metals go down. Next day they look bad so metals go up. The Dollar is up and the next day it is down.
Gold is an insurance policy that you buy to protect your wealth against economic uncertainties at home and abroad,financial market instabilities, inflation, currency fluctuations and geopolitical tensions amongst others. Please keep in mind that none of these potential negative events are affected by today’s news. They are by nature long term views.
Gold spot price was down $25.20 – Silver spot price is down $1.36 – Platinum price is down $24.90 – Palladium price is down - $8.30
Falling prices often can spell opportunity. If you sense opportunity in today’s prices the 2011 Gold American Eagles are now available.