Closing Gold & Silver Report - 2/24/2011
At 4 PM (CT) the precious metals prices were:
- Gold price - $1,415.30
- Silver price - $33.24
- Platinum price - $1787.00
- Palladium price - $779.50
COMMENTARY: Precious metals came down off record highs today as sales were spurred by investors as a result of these highs. Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, says, “Gold has had a nice, uninterrupted run the past week, so it’s not surprising to see a pause or some profit-taking.” News that oil futures settled a little lower toward today’s end, leaving behind a 28-month high after fear of the futures’ sharp and high gains has also eased some fears of inflation enough to bring precious metals down. We are not out of the woods yet as US stocks are still in the red for a third straight day, though appeased somewhat by the relief on oil futures.
Even though precious metals prices have come down a little off their record highs, this does not necessarily mean that we are in the clear. Consumers still recognize the safe haven that precious metals offer against the continued turmoil in the Middle East as well as the still high risk of inflation.
Gold spot price is down $11.50 – Silver price is down $1.15 – Platinum spot price is up $7.00 – Palladium is down $1.60