Our Daily
Market Reports

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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World Market Trading Hours

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

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

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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