Closing Gold & Silver Market Report – 2/18/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,389.90
- Silver price - $32.70
- Platinum price - $1,838.40
- Palladium price -$852.60
COMMENTARY: Precious metal prices for the most part moved up today with silver leading the way in a very volatile trading session. Silver spot price almost breached $33.00 before settling back to $32.70. Gold spot price was up $4.30 – Silver price was up $1.05 – Platinum was the lone metal down $5.60 – Palladium price was up $7.60
Silver spot price did rise to its 30 year high today, while gold climbed to its one month peak. It turned out that Egypt did approve Iran’s request to move two warships through the Suez Canal. Violence keeps spreading in the Middle East. Violence will continue to stimulate gold’s safe haven appeal.
The relationship of Platinum to gold is generally between 1.5 to 2.4. At today’s close, it was 1.32. This could be an indication that platinum is currently undervalued. Do your own research, but should you decide to buy, platinum bars are a great way to invest in platinum.