Morning Gold & Silver Market Report – 1/28/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,315.10
- Silver price - $26.86
- Platinum price - $1,789.60
- Palladium price - $809.30
COMMENTARY: The economy grew at a slightly less than expected 3.2% in the fourth quarter. It was supported by the largest gain in consumer spending in over four years. However, the unemployment picture remains bleak especially for the millions of unemployed. It will take much stronger growth to put a dent in the unemployment.
Precious metal prices have been down so far in 2011 as a result of upbeat economic data. Those who feel strongly that the economy is recovering, may be shifting safe haven investments to riskier positions. Those who still see this as an on going fragile situation are adding to their positions. No matter what you feel, gold is an insurance policy that needs to be part of your portfolio. The US has taken many actions that could greatly devalue the dollar. Today, the Chinese rating agency is making this accusation and blames the US for a credit war.
Gold spot price is currently down $3.40 – Silver price is down 16 cents – Platinum price is down $9.70 – Palladium is down $5.30