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Mid-Day Gold and Silver Market Report – 1/12/2011

At 12PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,384.50
  • Silver price - $29.60
  • Platinum price - $1,797.80
  • Palladium price - $807.50

COMMENTARY: Precious metals seem to be moving in opposite directions today with gold and silver moving slightly down while platinum and palladium seem to be experiencing good gains. The prices of gold and silver moving down probably have to do with the fact that Portugal’s auction went well and they were not forced to “bail-out” or raise rates. This brought gains to the Euro against the U.S. dollar, thus, helping gold slightly but still not enough to keep the price up as people feel a little more at ease with the Euro bailouts not seeming as imminent. Mark O’Byrne, executive director of Goldcore, an international bullion dealer, broker and wealth manager, says, “Momentum driven traders in the gold pits could push gold lower,” and says that what will hold up the prices is strong physical demand from Asia as they take advantage of the lower prices and, “there are increasing reports of shortages of gold bars and premiums have risen to two-year highs. This is leading to consolidation close to record nominal high in all flat currencies.”

Another piece of information that might be holding back gold is that housing is having a small rebound that is giving a little boost to the U.S. economy. According to Fannie Mae, the largest U.S. mortgage buyer, home prices will start to gain by 0.6% in the third quarter which will be the highest advance since 2006. However, Karl Case, co-creator of the S&P Case-Shiller Index that tracks U.S. home prices, says, “there is a good chance of a housing turnaround this year, but it’s not going to be enough to give much help to the economy…we’re coming off 50-year lows and we still have to deal with the foreclosure mess.” Other experts are saying we won’t see recovery until the end of 2012. It seems that the economy is still in a weakened state and when expected gains aren’t made then the reaction usually favors the price of gold as people return to the safe-haven it provides.

Gold spot price is down $0.80 on the day – Silver price is up 8 cents – Platinum price is up $29.50– Palladium price is up $22.80

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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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