Our Daily
Market Reports

Closing Gold & Silver Market Report – 11/08/2010

At 4PM (CT) the APMEX precious metal spot prices were:

  • Gold price - $1,410.20
  • Silver price - $27.77
  • Platinum price - $1,777.00
  • Palladium price - $710.00

 

COMMENTARY: We reported this morning that the World Bank Chief was calling for a new gold standard. At the time, we did not anticipate how much this would move precious metals upward to new highs. Gold spot is at at all time high, while silver spot and palladium spot prices crossed significant resistance points. Somewhat surprisingly,this all occurred as the US Dollar gained against a sinking Euro. There are new concerns over the sovereign-debt problems in Ireland and Portugal.  Another factor possibly driving up precious metals prices is that even the Fed officials were split over the $600 Billion stimulus. As long as economic uncertainty remains, precious metals outlook should remain bullish.

Gold spot price is up $11.50 for the day while reaching an all-time high – Silver spot is up 99 cents, while crossing major resistance at $27 – Platinum spot price is up $8.10 – Palladium price is up $22.60, while crossing resistance at $700.

Investors looking to make a pure investment in gold or silver can do no better than Gold American Eagles and Silver American Eagles. These are our most popular products. Investors looking for Platinum or Palladium products often turn to Platinum bars and Palladium bars.

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Our spot prices are subject to change during the following hours, excluding holidays:

 
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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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