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Mid-Day Gold & Silver Market Report – 2/16/2011

At 12PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,376.00
  • Silver price - $30.71
  • Platinum price - $1,833.50
  • Palladium price - $840.50

 

COMMENTARY: When President Mubarak stepped down in Egypt, it was a beginning and not an end. There is still much uncertainty and unrest in a volatile situation. Not all workers are cooperating with the military’s call for them to return to their jobs. The US has legitimate concerns on just how swiftly the military will turn over their power and exactly what role will the Muslim Brotherhood play in the newly forming government. The entire Middle East is experiencing the “Egypt effect” and many countries are dealing with Egypt inspired protests.

Yesterday, members of the Iranian Parliament chanted for the execution of protest leaders. Today, two Iranian warships went through the Suez Canal to the Mediterranean Sea. Stocks immediately began to pull back, while precious metals prices moved up from earlier lows. Israel is particularly unhappy with this perceived threat.

Gold spot price is now up $1.40 – Silver price is down 6 cents – Platinum spot price moved up $1.90 – Palladium price is down $1.40

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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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