by
Stephanie Chandler
February 23, 2011
At 4PM (CT) the APMEX precious metals prices were:
- Gold price - $1,412.60
- Silver price - $33.59
- Platinum price - $1,784.50
- Palladium price - $780.90
COMMENTARY:The DOW industrials fell again today and is suffering triple-digit declines in the back-to-back sessions for the first time in eight months, and crude-oil futures hit $100 a barrel for the first time since 2008 in reaction to the Libya revolt.
Precious metals have followed the trend of the last two days with gold and silver up on the geopolitical turmoil and platinum and palladium down with the industrial market. Yet again, it is the news of escalating unrest in Libya and surrounding areas that is driving consumers to precious metals. “This move in gold right now is acutely about the Middle East. The trade is about fear but people are viewing it as an extension of the inflation trade,” says James Dailey, the portfolio manager of the TEAM Assest Strategy Fund.
Gold spot price is up $11.00 on the day. Silver spot price is up $.65. Platinum spot price is down $1.80. Palladium spot price is down $26.80.
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