Mid-Day Gold & Silver Report – 2/28/2011
At 1PM (CT) the APMEX precious metal prices were:
- Gold price - $1,409.30
- Silver price - $33.70
- Platinum price - $1,808.80
- Palladium price - $796.70
COMMENTARY: The continuing tension in the Middle East has kept bullion prices mostly in positive territory. However, Gold was weakening slightly as we entered mid-day trading. Adding further pressure to the Libyan situation was the action by the Obama Administration. The President issued an Executive Order freezing $30 Billion in cash and securities belonging to the Libyan government. This move was intended to put pressure on Qaddafi to hasten his departure. Whether than has any impact whatsoever remains to be seen.
Oil futures edged lower today in response to last week’s significant price gains. The pressure kept the per barrel price at under $100.00. Saudi Arabia has ramped up production in order to replace the lack of Libyan production.