Mid –Day Gold & Silver Market Report – 12/2/2010
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,389.20
- Silver price - $28.68
- Platinum price - $1,714.60
- Palladium price - $766.50
COMMENTARY: Many were hopeful that the European Central Bank would take a more aggressive approach to alleviate European debt concerns. Those hoping for a QE2 like program were disappointed to hear today’s announcement, that the European Central Bank would continue conducting its main refinancing operations through April, but there would be no further actions at this time.
Platinum and Palladium prices are very much tied to their industrial uses, especially catalytic converters for the automobile industry. As the stock market climbs in anticipation of the effects of QE2, Platinum and Palladium prices should continue to climb as well. Today, they are soaring as Platinum is up $29.60 and Palladium is up $34.20.
Platinum American Eagles are a great way to take advantage of rising platinum prices.