Closing Gold & Silver Market Report – 2/3/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,356.60
- Silver price - $28.99
- Platinum price - $1,840.60
- Palladium price - $822.20
COMMENTARY: Precious metal prices surged shortly before 12 Noon (CT) and maintained these gains throughout the afternoon. Most analysts attribute this to safe haven buying as a result of events in the Middle East, as well as Fed Chairman Ben Bernanke's statement today that the US economy will continue to need Fed support, for some time to come.
We all remember the “Flash Crash”, but are we ready for the “Splash Crash”? The “Splash Crash” is the potential for an all encompassing market meltdown, not only affecting stocks, but also currencies, commodities and bonds. The interconnectedness of today’s high-speed trading platforms make it possible and a geopolitical crisis such as what we are seeing in the Middle East could set it off.Kevin Ferry, President of Cronus Futures Management in Chicago, believes this “splash crash” will happen..
Gold spot price was up $24.00 –Silver price was up 63 cents –Platinum spot price was up $12.00 – Palladium price was up $9.70
Reports that Russian palladium stockpiles will run short in 2011 were supported today as the Swiss customs office announced the palladium trade flow numbers for December and CY2010. This report is viewed as the best way to track sales of Palladium from Russia and this report clearly shows the amounts are declining significantly.