Morning Gold & Silver Market Report – 2/14/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,363.30
- Silver price - $30.32
- Platinum price - $1,830.70
- Palladium price - $826.00
COMMENTARY: All precious metals prices except for gold were up in the overnight trading hours. As we begin the trading day, now even Gold spot price is up $2.40 – Silver price is up 26 cents – Platinum spot price is up $17.20 – Palladium price is up $9.30
The Egyptian crisis is off the front page, but it is far from over. The power is in the hands of the military, who say they will turn it over once there are free elections. There are far more questions than answers as to what this country will look like one year from now.Protestors are no longer protesting in the street, but before the USA get too jubilant, we should consider that the Egyptian population is predominantly under 30. These young people have witnessed the tyranny of President Mubarak their entire lives and they know the USA enabled him to maintain power. It would be naive for us to believe that they hold no grudges towards the USA.
It is time for the budget battle. Politicians on both sides of the fence are lining up to go to war over what represents 12% of the budget. No side is willing to take on the military programs, Social Security, Medicare and Medicaid that comprise the other 88%. You do not need a calculator to figure out that squabbling over the 12% might further political careers, but it will not reduce debt to the level this country needs to accept. We need politicians who are willing to make tough decisions even if it causes them not to be re-elected. I am not sure we have any now.
President Obama is going to cut the budget $1.1 trillion dollars scream the headlines. Of course, the small print says over the next ten years, when other politicians have to do it. Republicans have unveiled tougher proposals, but just like the Democrats, they have not gone after the 88%.