Closing Gold & Silver Market Report -1/24/2011
At 4PM (CT) the APMEX precious metal prices:
- Gold price - $1,335.00
- Silver price - $26.98
- Platinum price - $1,815.40
- Palladium price - $812.00
COMMENTARY: Precious metal prices gave into selling pressure and dipped this afternoon with Gold spot price off $8.10 – Silver spot price off 51 cents – Platinum price down $5.90 – Palladium price is down $5.80
The corrections going on in the precious metal markets are certainly not a great surprise when you consider the magnitude of recent gains (especially silver and palladium). Most technical analysts would say there is no cause for concern. There may be cause for concern when the spread between short and long-term borrowing hits the widest margins ever. The difference between borrowing from the government for 2 years and borrowing from the government for 30 years is at 4%. This is often referred to as the yield curve and this wide margin between short and long term borrowing is an unprecedented steepening of this curve. Economist can predict that this means anything from a booming stock market to what would be a catastrophic downgrade to the USA’s credit rating. Investors need to stay tuned.