Mid-Day gold & Silver Market Report – 2/22/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,399.30
- Silver price - $32.93
- Platinum price - $1,786.80
- Palladium price - $805.00
COMMENTARY: The stock market is down 150 points and they are dragging the industrial precious metals along with it. Platinum spot price is currently down $56.50 and palladium price has sunk $54.50. Gold and silver have come off the day’s highs, but their safe haven appeal continues to attract investors. Gold spot price is up $10.50 and silver price is up 60 cents.
Oil is approaching a two year high as the situations in the Middle East continue to deteriorate. As oil prices spike, inflation fears will grow and the price of gold usually will trend upwards. At least 250 people died overnight in Libya.Muammar Gaddafi has vowed to die a martyr before giving in to protests.
Wisconsin is in the news, but they are not alone in struggling with huge public pension fund obligations. Many state and municipal governments are required to balance their budgets and unlike the federal government, they cannot just print money.In their budget battles, they really do have to put everything on the table.