Morning Gold & Silver Market Report – 11/5/2010
At 8AM (CT) the APMEX precious metal spot prices were:
- Gold price - $1,381.40
- Silver price - $26.12
- Platinum price - $1,752.00
- Palladium price - $676.00
COMMENTARY: The Federal Reserve’s decision to pump $600 billion dollars into the US economy is received mixed reviews locally, but not so mixed abroad. “With all due respect, U.S. Policy is clueless, “ stated German Finance Minister Wolfgang Schaeuble. This opinion is shared by China and world's new economic powerhouses in Latin America and Asia. All of this sets up for a contentious G20 Summit November 11-12. Mr.Geithner stated prior to the last summit, that he would not start a currency war and that he would protect against the devaluation of the US Dollar. He might have some explaining to do.
Overnight profit taking has taken precious down slightly except for silver. Gold spot price down $2.70 – Platinum price down $3.90 – Palladium price down 70 cents – Silver price up 3 cents.