Closing Gold & Silver Market Report – 2/4/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,350.00
- Silver price - $29.19
- Platinum price - $1,846.50
- Palladium price - $817.00
COMMENTARY: Precious metals prices today are moving in different directions with gold and palladium trending down while silver and platinum have moved up. As referenced before, the mixed information about the jobless claims kept gold holding steady. There have also been peaceful protests in Egypt, which has set a different tone than the chaos of the past week, allowing investors to heave a sigh of relief.
One piece of news that may have gone overlooked today was the U.S. talking of China’s lack of real progress on allowing the yuan to rise and urging for faster appreciation, coming very close to branding the world’s fastest growing major economy a currency manipulator. The U.S. says they are watching closely and are urging that China make more rapid progress.
Jim Cramer says, “I think it’s time to get ready to buy some gold,” as he believes it has hit its bottom. Pamp Suisse is one of the world’s great mints and their wide varieties of gold bars are a great way to invest in gold.
Gold spot price was down $3.50 –Silver price was up 39 cents –Platinum spot price was up $2.40 – Palladium price was down $5.50