Closing Gold & Silver Market Report – 2/17/2011
At 4PM (CT) the APMEX precious metals prices were:
- Gold – $1,384.90
- Silver – $31.81
- Platinum – $1,847.70
- Palladium – $845.30
COMMENTARY: Precious metals prices are still on the rise this afternoon, with gold at a 5-week high and silver at a 30-year high. The driving force continues to be the unrest in the Middle East, especially over the news of Iranian warships headed to the Suez Canal. Combined with the domestic inflation fears, this geopolitical tension has increased the safe-haven demand for gold and other metals. Silver jumped nearly 3% thanks to record levels of investor buying that has drained mints of their coins. Some mints, like the Royal Canadian Mint and the Austrian Mint, have started rationing sales.
Gold spot price is up $9.30 on the day. Silver spot price is up $1.11. Platinum spot price is up $13.40. Palladium spot price is up $4.90.
Many of our APMEX silver bars are now in stock. Check them out here.