Closing Gold & Silver Market Report – 1/18/2012
GOLD, SILVER PRICES MAINTAIN GAINS THROUGH AFTERNOON
Gold and Silver prices have maintained modest gains through the afternoon trading hours. On a day when no news significantly affected the precious metals market, it is no surprise to see little in price movement. One piece of news that eventually could rock the markets is the potential for another congressional battle on whether to raise the U.S. debt limit. The U.S. House of Representatives voted today to oppose another increase in the nation’s debt limit. You might remember that this political battle went on most of June and July before it finally was approved. Of course, the bipartisan bickering and perceived lack of political will and direction were cited as major factors in the decision of Standard & Poor’s to downgrade the U.S. credit rating. Let’s hope this next round goes more smoothly.
CNBC executive producer John Melloy said Gold is back and still in a super bull market. Melloy conceded that Gold lopped off a quick 21% in the last quarter of 2011, but corrections are par for the course. In 2011, Gold still finished up 10%, and it is up 5% this year. In January 2011, the price of Gold fell 8%. The general consensus from those bullish on Gold is that as long as sovereign nations continue their print-and-inflate policies, Gold prices will go up.
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,660.60 – Up $3.50.
- Silver - $30.57 – Up $0.35.
- Platinum - $1,526.20 – Down $1.50.
- Palladium - $671.00 – Up $14.40.