Morning Gold & Silver Market Report – 2/24/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,414.90
- Silver price - $33.27
- Platinum price - $1,778.20
- Palladium price - $771.50
COMMENTARY: Gold spot price is up 40 cents – Silver price is down 11 cents – Platinum spot price is up $1.50 – Palladium price is down $5.00
As you can see, the precious metals market is hovering this morning in a tight trading range. Oil prices continue to move upward crossing the $100 benchmark. This recent spike is more attributed to events in Libya, than those that previously took place in Egypt.
First time jobless claims dropped to 391,000 for the week ending 2/19/2011. This was less than the previous week of 413,000. This positive report is being discounted by the market due to the durable goods report. Excluding transportation, this report unexpectedly dropped 3.6%, which would indicate one of our leading indicators of economic recovery, manufacturing, is slowing down.