At 8AM (CT) the APMEX precious metal spot prices were:
Gold price - $1,355.50 +$3.20
Silver price - $24.84 +$0.18
Platinum price - $1,718.00 +$6.90
Palladium price - $653.80 + $1.00
COMMENTARY: Gold prices regained ground overnight as there is rampant speculation that the Federal Reserve’s “Quantitative Easing 2” plan will increase the demand for precious metals as an hedge against the US Dollar. The gain is presumably attributable to the suspicion that the Fed is likely to announce a plan sometime tomorrow to purchase at least half a TRILLION dollars of long-term US securities. Former Federal Reserve Bank Chair Paul Volcker stated that further Quantitative Easing may spark “inflation for the future and the amount involved may be a cause for concern.”