Closing Gold & Silver Market Report – 1/21/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price -$1,343.40
- Silver price -$27.56
- Platinum price - $1,829.70
- Palladium price - $823.40
COMMENTARY:Considering that precious metal prices began the day retreating sharply, there was quite a nice turn around. Gold rallied to only being down $4.30, while silver was up 2 cents, platinum was up $10.80 and palladium rallies up $8.20. A positive economic outlook will generally drive up platinum and palladium due to their industrial uses. However, it tends to drive down gold on the assumption that investors will move from safe haven investments to those with more risk. However, investors with a long term view understand the potential for risk and the need for gold as protection. These investors are still recommending hard physical assets such as gold.
There is no doubt that China will continue to play a larger and lager role in influencing the global economy. This will be especially true for the gold market, as there is every indication China will continue to buy gold.
We are just entering a season where the Chinese buy more gold especially in conjunction with the Chinese New Year.Demand for both gold and silver goes up prior to the Lunar New Year. Chinese Gold Pandas are beautiful coins and a great way to invest in gold. For silver investors, do not overlook the Chinese Silver Pandas as well.