Closing Gold & Silver Market Report – 11/17/2010
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,336.80
- Silver price - $25.68
- Platinum price - $1,639.80
- Palladium price - $664.30
COMMENTARY: European leaders are crafting a plan to possibly bailout Ireland. It has been reported that this aid package could total as much as $135 Billion dollars. In 2009, Ireland’s total Gross Domestic Product (GDP) was approximately $227.8 Billion, so this bailout would equal 59.26% of Ireland’s total GDP. A bailout of Ireland would also place considerable pressure on Portugal, as that nation needs to issue bonds during the first quarter of 2011. The current EU debt crisis, which already claimed the Greek economy six months ago, is now threatening Ireland and Portugal as well. These events are driving the Euro down, which make the US Dollar look stronger, although it has not actually done anything. The higher US Dollar will depress precious metals prices, but for how long? The same economic uncertainties that drove people to the safety of gold are still in play. We advice keeping a close eye on Europe.
The markets were not active today. Gold spot price was down $3.10, while Silver spot price was up 39 cents. Platinum price was down $5.90, while Palladium price was up $16.40.