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Closing Gold & Silver Market Report –1/31/2011

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:

Precious metals are down slightly from the mid-day commentary (save silver) in spite of the continued negative news coming out of Egypt. Richard Bove, banking analyst at Rochadale Securities, says that “In general, American banks tend to be very landlocked…the only bank with some exposure would be Citigroup.” Thus, he feels the U.S. will not be very affected by Egypt’s turmoil. However, Moody’s Investors Service downgraded Egypt’s government bond ratings from Ba2 to Ba1 and their outlook was changed from stable to negative. He said that the change was “prompted by the recent risk and concern that the policy response could undermine Egypt’s already weak public finances.” Is it only a matter of time before people realize the severity of the situation and run back the safe-haven of precious metals?

On a lighter note, better-than-expected news of the U.S. economic data helps boost confidence in the market, especially after the U.S. stocks close higher on this final day of the best January since 2007. It was also announced that there was a rise in consumer spending in December that was higher than the forecast predicted. Could our economy actually be seeing some healing?

 

Gold spot price is down $8.00 from the mid-day commentary – Silver spot is up 11 cents – Platinum spot price is down $9.00 – Palladium spot is down $1.90

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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