Closing Gold & Silver Market Report – 2/8/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,365.10
- Silver price - $30.40
- Platinum price - $1,859.20
- Palladium price - $840.40
COMMENTARY: Precious metal prices surged today and gold may get a continued boost as JP Morgan joined the two biggest futures markets in allowing gold to be used as collateral for trading. JP Morgan is seeing more clients wishing to use gold as a hedge against inflation, but this action actually supports the concept that gold is a currency and not just a safe haven to protect assets through portfolio diversification.This is an indicator that gold is seen as a store of value and not likely to fall dramatically. Jim Cramer was quick to chime in and site this as yet another reason to buy gold.
Silver crossed the $30 barrier today. Perhaps it was the report that China imported four times as much silver in 2010 as they did in 2009. This demand will likely increase due to China’s appetite for silver for jewelry and industrial purposes.
Gold spot price finished up $16.40 – Silver spot was up 99 cents – Platinum spot price is up $15.00 – Palladium price is up $19.40
Note to our customers. It appears that Oklahoma City, where we are headquartered, is about to encounter yet another major snow storm. It is highly likely we will be closed on Wednesday and possibly Thursday. We will have this posted on our Home Page. Of course, our web site will remain open 24/7 to place orders as always.