Morning Gold & Silver Market Report – 2/17/2011
At 8 AM (CT) the APMEX precious metals prices were:
- Gold price – $1382.70
- Silver price – $30.84
- Platinum price – $1836.00
- Palladium price – $841.10
COMMENTARY: So far this morning there are a few concerns that seem to be increasing the safe haven appeal of gold on a local and global level. As was discussed here yesterday about the PPI (Product Price Index) remaining the same, but still being high, the reports that are out today show the CPI (Consumer Price Index) has increased yet again in January. As a consumer, this should arouse your inflation concerns. Hedging against inflation seems to be much more important these days.
The other global concern this morning revolves around German banking. When the news was breaking over the concerns regarding Ireland, Greece and Portugal, Germany seemed to be the model country with its robust economy. The issue now is their banking, which threatens their long term sustained economic recovery. European Union authorities have even warned a day of reckoning could be coming.
All the uncertainty in Egypt and economic data is re-establishing the safe haven appeal of gold.
Gold spot price is up $7.10 – Silver price is up 15 cents – Platinum spot price is up $1.70 – Palladium price is up 80 cents