Our Daily
Market Reports

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.  

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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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