Morning Gold & Silver – 2/23/2011
At 8:12 AM (CT) the APMEX precious metals prices were:
- Gold price - $1403.40
- Silver price - $33.16
- Platinum price - $1793.40
- Palladium price - $810.00
COMMENTARY: The major news at the start of the day still revolves around the Middle East political unrest. According to the Italian Foreign Prime Minister Franco Frattini, “We believe that estimates of about 1,000 [deaths] are credible.” Unlike Egypt, which is an ally to the United States and has been for many years, Libya has always been an adversary, which means the United States has very little influence in the country or its politics. Libya also controls 2% of world oil output which is causing a sharp increase to oil prices.
In domestic news, stocks seem to be rebounding overall in early morning futures purchases and early morning trading seems to be on the rise as well. The safe haven appeal of precious metals is definitely still very clear.
Gold spot price is up $1.80 – Silver price is up 22 cents – Platinum spot price is up $7.10 – Palladium price is up $2.30