Mid-Day Gold & Silver Market Report – 1/26/2011
At 12PM (CT) the APMEX precious metals spot prices were:
- Gold – $1,333.20
- Silver – $27.10
- Platinum – $1,796.50
- Palladium – $805.70
COMMENTARY: Gold is trading slightly down today, while silver and platinum are modestly up and palladium holding on to good gains. The stock markets are mostly higher today, and the Dow Jones Industrial Average topped 12,000 for the first time in almost three years. This is likely thanks to the optimism from yesterday’s State of the Union address. With all of the optimism, one would think metals would be dipping lower, so it’s possible that not everyone is sold on those thoughts. Mitsubishi analyst Matthew Turner says that, “Ultimately, the demand for gold will remain firm and will come back, but we’re going through a period where there is a lot of profit-taking coming through.”
During the President’s address last night, he mentioned that he supported a bill that would repeal a controversial part of the health-care law. Precious metals dealers and investors alike have been concerned with this part of the law, and the bill that the President supports has been gaining a lot of other support as well.
Gold is down $1.10. Silver is up 23 cents. Platinum is up $10.20. Palladium is up $19.90.