Morning Gold & Silver Market Report – 11/29/2010
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,363.00
- Silver price - $26.85
- Platinum price - $1,639.10
- Palladium price - $682.40
COMMENTARY: The European Debt crisis continues to drive the Euro down, and consequently the US Dollar up. The US Dollar Index hit a two month high. One would expect precious metal prices to fall as a reaction to the rising Dollar, and they have, but not significantly. Precious metals serve as a safe haven and with the current economic and geopolitical environment, they may hold their own despite a rising Dollar. Economist Nouriel Roubini is already suggesting that Portugal should consider a bail out. Who else will follow?
Support for precious metal prices will be continued concerns about inflation, debt crisis and geopolitical tensions. Another factor might very well be China stepping up its presence as a buyer of gold. As demand as risen within China, they have approved their first gold fund.
Gold spot price is down 90 cents – Silver price is up 9 cents – Platinum spot price is down $6.10 – Palladium price up $3.90