Mid-Day Gold & Silver Market Report – 1/21/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold – $1,344.00
- Silver – $27.39
- Platinum – $1,822.50
- Palladium – $817.00
COMMENTARY: Gold and silver prices are down slightly at the moment (silver previously recovered all losses from the day before dipping back down), and platinum and palladium are up slightly. The U.S. stock market is up today mostly on the tails of GE’s boosted industrial stocks. Since gold and silver typically move inversely to stocks, they are trading slightly lower. The optimism of industrial stocks could explain why platinum and palladium are slightly up, since they have many industrial uses.
An analyst from Commerzbank says, “We are still staying on track and above the longer-term upward trend,” but explains that some of the safe-haven appeal is thinning at the moment thanks to good economic reports and news. One country taking advantage of the dip in prices is India, the world’s largest consumer of gold. One dealer in Mumbai said that his buyers are wanting to take maximum advantage of the price dip.
Gold spot price is down $4.00 – Silver spot price is down 15 cents – Platinum spot price is up $4.90 – Palladium spot price is up 20 cents.