Closing Gold & Silver Market Report – 11/10/2010
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,404.00
- Silver price - $27.29
- Platinum price - $1,739.20
- Palladium price - $701.00
COMMENTARY: The Chicago Mercantile Exchange (CME) has raised the margin – how much cash an investor has to put up to cover a trade on COMEX silver futures contracts. These new margin requirements caused investors to rebalance their positions, which helped send silver and gold prices down sharply today. There is speculation that increased margin requirements for gold will soon follow. These new requirements will make it riskier for investors to make highly speculative bets, but in the end, might very well be bullish for precious metals. This is because traders betting the market will fall (short bets) will have to put up more money to maintain these bets. The traders betting that prices will rise (long bets) will “squeeze” out the short sellers.
Gold spot price was down $7.10 – Silver price down $1.66 – Platinum price down $70.40 – Palladium spot price down $43.60
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