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Mid-Day Gold & Silver Market Report – 2/17/2011

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

  • Gold price - $1,384.30
  • Silver price - $31.53
  • Platinum price - $1,844.00
  • Palladium price - $844.70

COMMENTARY: Precious metal prices are moving up on continued fears about inflation, the US budget, the European debt crisis and the violent protests we see spreading in the Middle East.  There are three reported dead in Bahrain with wide spread clashes in Libya and Yemen as well. In Iraq, one person was killed and 33 wounded when police opened fire on protestors.

Gold spot price is up $8.70 – Silver price has soared up 84 cents –Platinum price is up $9.70 – Palladium spot price is up $4.40

The Chinese influence on the global economy is growing. In a report today, the Chinese were able to use their power as the largest US creditor, to influence how the Federal Reserve handled the 2008 financial crisis. There is also an interesting story posted on The Street. Is it possible the Chinese will continue to buy more and more gold, as part of a long term plan to make the Yuan the global currency? Always remember the golden rule: “he who owns the gold rules.”

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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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