Mid-Day Gold & Silver Market Report -2/10/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,363.40
- Silver price - $30.13
- Platinum price - $1,833.50
- Palladium price - $821.90
COMMENTARY: Precious metal prices are rebounding off their morning lows. Gold spot price has recover $8.90 – Silver prices have come back 22 cents – Platinum price has gained $1.50 – Palladium spot price has clawed back $1.30
Neither stock nor precious metals markets have reacted measurably to story that just came out from Egypt. It is being reported President Mubarak will resign tonight and current Vice President Omar Suleiman will take over. On the one hand this will stabilize the situation, but on the other there is still great uncertainty in the long term. Who will ultimately take control? What will the new government look like? Will they continue to support policies of peace with Israel and a strong alliance with the US? Investors will continue to watch this situation closely.
Kevin Warsh, the youngest ever Federal Reserve Governor, and a key ally of Ben Bernanke during the financial crisis, announced today that he is stepping down. Although no reason was given, Mr.Warsh was viewed as the strongest opponent to the Fed’s $600 billion bond purchase program. With his departure, there will be less resistance to further monetary easing should the economy still not recover.