Closing Gold & Silver Market Report –1/28/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,338.30
- Silver price - $28.02
- Platinum price - $1,797.20
- Palladium price - $818.00
COMMENTARY: The protests going on in Egypt were the big game changers today and they do have the attention of the world. The fear is not only the awkward position it puts the West, as we are caught between our need for strategic alliances and our democratic principles, but also the fear of contagion. These riots began in Tunisia and spread to Egypt. If they continue to spread, could it potentially destabilize the Middle East? Jim Cramer says that this event will effectively put a floor on gold prices and should remind us as to why we need to own gold.
No big surprise that investors ran away from stocks and jumped back into safe havens such as precious metals.Gold spot price was up $18.00 after starting the morning down over $5.00 and Silver price rebounded from a negative start all the way to 92 cents on the plus side.Platinum spot price was down $6.30, while Palladium continued up $2.50
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