Our Daily
Market Reports

Closing Gold & Silver Market Report – 1/27/2012

GOLD, SILVER PRICES POST GAINS   

Gold and Silver prices tried to give back recent gains today, but market news would not allow it. Both Gold and Silver climbed out of negative territory and posted nice gains on the day.

The Fitch Ratings downgrade of Italy, Spain and three other European countries did not shake the stock markets as much as many analysts would have thought, but it did continue to push Gold prices higher through afternoon trading. Fitch also indicated there is a 1-in-2 chance of further downgrades in the next two years. Gold prices are boosted by uncertainty, and this only adds more uncertainty to the very uncertain European debt crisis.

On Jan. 20, it was reported that if an agreement between Greece and its private debt-holders was not reached by the end of the day, there would be one by the end of the weekend. Today, we heard basically the same thing. It was expected that an agreement will be reached within days. If Greece is going to receive a bailout, such a deal must get done. If not, the prospect of a disorderly default is likely to produce a nightmare.

At 4 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,738.90 – Up $10.50.
  • Silver -$34.04 – Up $0.23.
  • Platinum - $1,625.80 – Up $8.00.
  • Palladium - $691.40 – Down $4.10.

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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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