Closing Gold & Silver Report – 2/11/2011
At 4 PM (CT) the APMEX precious metals prices were:
- Gold price – $1357.40
- Silver price – $29.96
- Platinum price – $1805.00
- Palladium price – $815.50
COMMENTARY: Precious metals trended down today on the news that President Mubaraks has stepped down. Precious metal prices had been fairly stable despite the on going turmoil. Worldwide inflation concerns had driven precious metals prices up earlier in the week. Silver had once again crossed the $30 barrier and silver prices are still going strong as they have closed above $30 for the last three days. There are some who feel that the jubilation of President Mubarak might be premature.Jon Alterman of the Center for Strategic and International Studies said, “This is just the end of the beginning,” and that “Egypt isn’t moving toward democracy, it’s moved into martial law and where it goes is now subject to debate.”
More news holding back metals and boosting the stock markets was that consumer confidence rose to the highest levels in eight months. Experts are saying this is signaling consumer spending and may keep contributing to the expansion of the economy and job market. With all the news swirling around both good and bad, it will be interesting to see how the changes effect metals prices since they offer a safe-haven from the storms of inflation and geopolitical turmoil.
APMEX has now received more 2011 Silver American Eagles, get them while they are in stock!
The Gold spot price is down $5.50 – Silver price is down 22 cents – Platinum spot price is down $25.80 – Palladium price is down $7.40