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