Closing Gold & Silver Market Report 2/22/2011
At 4PM (CT) the APMEX precious metals prices were:
- Gold price - $1,399.60
- Silver price - $33.11
- Platinum price - $1,792.00
- Palladium price - $806.30
COMMENTARY: Gold and silver are still up on the day in response to the unrest in the Middle East, whereas platinum and palladium traded down due to their industrial ties. Oil futures have soared to their highest since 2008, with American consumers paying 50 cents more than this time last year with a 6 cent jump since last week. Oil analysts say that it could jump an additional 33 cents a gallon by the summer driving season. U.S. stocks fell sharply today, with the DOW industrials taking its worst single day hit in over three months as a result of the rising violence in Libya, a large oil producer.
This type of rise in futures and consumer costs with addition to the drastic losses in the stock markets brings a clear and present fear of inflation which in turn drives consumers to the safe-haven of precious metals.
Silver prices are rising fast, take advantage of the 100 oz silver bars while they are still in stock!
Gold spot price is up $10.50 on the day. Silver spot price is up $.74. Platinum spot price is down $51.30. Palladium spot price is down $53.50.