Mid-Day Gold & Silver Market Report 2/22/2011
At 12PM (CT) the APMEX precious metals 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 it’s dragging the industrial precious metals along with it. Platinum spot price is currently down $56.50 and palladium price has dropped $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¢.
Oil is approaching a two-year high as the situations in the Middle East continue to deteriorate. As oil prices spike, inflation fears may grow. If this occurs, the price of gold usually trends upward. Reports estimate at least 250 people died during overnight incidents in Libya. Muammar Gaddafi has vowed to die a martyr before giving in to protests.
Wisconsin is in the news, but the Badger State is 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, states and local governments really do have to put everything on the table.