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
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