Closing Gold & Silver Market Report – 1/27/2011
At 4PM (CT) the APMEX precious metals spot prices were:
- Gold - $1,315.00
- Silver - $26.98
- Platinum - $1789.20
- Palladium – $806.20
COMMENTARY: The precious metals market is down this afternoon. Some say the safe-haven demand of gold and the other metals is down amid the optimism of the global economic outlook. The Euro zone is increasing the lending capacity of its bailout fund, so it will be able to lend more to countries with a coming sovereign debt crisis. Moody’s just released a report that shows that Connecticut, Hawaii, and Illinois are states with the highest combined debt and pension liabilities. On a smaller scale, the state of New York’s “watchdog board” will assume control of Nassau County’s finances amid financial issues. This is after a state bailout of $100 million was given to them in 2000. Despite all of this “optimism,” renowned global investor Jim Rogers says the money is in commodities. “If the world economy gets better, commodities are going to make a fortune,” he says. “If the world economy does not get better, commodities are the place to be because they are going to print more money, and that’s how you protect yourself.”
Gold spot price is down $20.00. Silver spot price is down 22 cents. Platinum spot price is down $7.70. Palladium spot price is down 40 cents.
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