Morning Gold & Silver Market Report – 1/21/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,345.10
- Silver price -$27.38
- Platinum price - $1,819.00
- Palladium price - $815.00
COMMENTARY: Precious metal prices are bouncing off morning lows and platinum spot price is now in the black. In 2010, China imported 40% more platinum than in 2009. Platinum is not only used by the automobile industry, it also is used in jewelry and in pollution-control devices. Considering the pollution problems China is dealing with, it would seem their taste for platinum is most likely to continue to go up. (Not to mention they are the world's largest car market.) This same article points out that silver exports fell because of China’s high domestic demand. This should continue to put pressure on the supply side for the global silver market.
The state of California declared a state of fiscal emergency yesterday as they tackle a $25.4 billion budget gap. Although this declaration is procedural, it does give state lawmakers 45 days to address the issue.
Gold spot price is currently down $7.20 – Silver price is down 30 cents – Platinum spot price is up $1.40 – Palladium price is down $6.40