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Closing Gold & Silver Market Report 2/23/2011

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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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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