Morning Gold & Silver Market Report – 2/18/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,385.80
- Silver price - $31.83
- Platinum price - $1,838.10
- Palladium price - $849.80
COMMENTARY: Gold and silver prices are up slightly this morning, despite the announcement that China raised bank reserves by 50 basis points. This move to curb inflation was brought after the Chinese inflation numbers went from 4.6% in December to 4.9% in January. Perhaps gold and silver are up and not down because they react positively, when Fed Chairman Ben Bernanke speaks. Mr. Bernanke once again finds himself defending the Fed QE2 policies. He claims that it is not easy money policies that are overheating emerging market economies, it is exchange rate rigidity. I do not know what to say about that, but I will point out that silver just hit a 30-year high. Some say it will go even higher.
The G20 is split down the middle on how to implement policies to avert future global financial meltdowns. Although not comforting, it is also hard to assess the importance of these G20 Summits. Little, if any actionable items emerge from these meetings.
Gold spot price is currently up $1.40 – Silver price is up 22 cents – Platinum spot is down $3.80 – Palladium price is up $4.20