Mid-Day Gold & Silver Market Report – 1/31/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,338.50
- Silver price - $28.44
- Platinum price - $1,799.20
- Palladium price - $824.50
COMMENTARY: As suspected, precious metal prices have made a strong comeback since this morning's commentary. The end-game for the crisis in Egypt is not clear and tensions remain. Egypt’s largest private employer, Orascom, reports that only 5000 of its 26,000 employees are working. There are concerns with how long Egypt can endure these political protests before confronting a financial crisis. Can Egypt’s banks handle a flood of withdrawals? As large as their financial war chest might be, it is not enough for several weeks. Egypt also needs to be concerned with a reversal of flows. Foreign investment leaking out instead of pouring in.
Gold spot price is up $11.40 from the morning commentary – Silver spot is up 95 cents – Platinum spot price is up $15.70 – Palladium spot is up $$15.50