Morning Gold & Silver Market Report
At 8AM (CT) the APMEX precious metal prices were:
- Gold price -$1,403.40
- Silver price -$33.50
- Platinum price - $1,847.80
- Palladium price - $861.30
COMMENTARY: The US Stock Market is closed for President's Day. The precious metals market will close today at 12:15 (CT) and then reopen at 5:15 (CT). As always, the APMEX web site is open 24/7 and we are open for customer telephone calls from 7AM – 5PM CT; Monday- Friday. Our office is open today.
Gold spot price is currently up $14.30- Silver continues to soar up $1.13 – Platinum spot price is up $4.50 – Palladium price is up $1.60
The Middle East continues to be a tinderbox ready to explode and this is driving stock futures down and precious metal prices up. The price of gold went above $1400 for the first time in 7 weeks. Silver has advanced to its most expensive ratio to gold in 13 years. One ounce of gold is currently around 42X the price of one ounce of silver. Historically, one ounce of gold is more like 57X the price of one ounce of silver.
Investors are flocking to the safety that only physical precious metals can provide. A real asset you can hold in your hand and not just a piece of paper. There is a report today that there is a rising fear of a catastrophic crash due to a lack of trust in financial market and worries of yet another “flash crash”.