Morning Gold & Silver Market Report – 2/7/2011
At 8AM (CT) the APMEX precious metals prices were:
- Gold price - $1,353.00
- Silver price - $29.36
- Platinum price - $1,848.50
- Palladium price - $822.30
COMMENTARY: Just when investors thought it was safe to go back into the water, news of hackers successfully infiltrating NASDAQ computers will be yet another blow to investors’ confidence. Although NASDAQ officials are saying that there has been no evidence that hackers accessed or acquired customer information or interfered with trades, there is concern of potential access to “inside information”. “Flash crashes”; “Splash crashes” and just last week there was an hour long freeze in two widely followed NASDAQ indexes. Precious metal investors should consider what portion of their precious metal allocation needs to be in the actual physical metal and not just paper trades.
Clearly there is a disconnect on the state of our economy between the daily news cycle chatter and Fed Chairman Ben Bernanke. We hear daily how many analyst feel the economy is improving, but the Fed certainly does not seem so sure. The dismal job reports on Friday (no matter how you try to spin the drop to 9%) did not help. Not only has Chairman Bernanke made it clear that QE2 would progress as scheduled, Kansas City Fed President, Thomas Hoenig, has stated that QE3 might still get discussed.
Gold spot price began the morning lower but is now up $3.50 – Silver spot is climbing 24 cents – Platinum spot price is up $2.70 – Palladium spot is up $3.80