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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.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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