Closing Gold & Silver Market Report – 2/28/2011
AT 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,412.10
- Silver price - $33.95
- Platinum price - $1,810.90
- Palladium price - $800.30
COMMENTARY: Precious metal prices all ended in positive territory today as investors looked for a hedge against political instability in the Middle East. With volatile situations in Libya, Bahrain, Oman and nervousness elsewhere in the region, gold was the answer to investors’ “flight to quality.”
Although Gold prices are solidly above $1,400.00 per ounce, they are still 40% UNDER the inflation-adjusted high of 1980! But in February 2011, Gold did produce its best monthly increase since April of 2010. Historically, Gold prices rose 30% in 2010 for a 10th annual gain overall.
Random year South African Gold Krugerrands, with their relatively modest premiums, are an attractive candidate for many investors.
All of the precious metals ended the day somewhat higher.