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Mid – Day Gold & Silver Market Report – 1/14/2010

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

  • Gold price: $1,359.70
  • Silver price: $28.31
  • Platinum price: $1,81.80
  • Palladium price: $792.50

COMMENTARY - Precious metal prices seem to be dropping dramatically today, which may be due in part to the news of Europe’s debt easing, the dollar rising and China raising its reserve requirement for lenders. There is also talk of rising mine production for gold. According to London-based GFMS, mine production increased by 94 million ounces last year alone, which followed a 6% increase in 2009 (which was the biggest gain in one year in more than a decade). GFMS is predicting another increase of more than 6% in the first half of 2011 alone. However, GFMS also says that in the longer term, the industry is mining lower grades and making fewer discoveries than in the previous years. They also pointed out that there is rising production from regions such as China and West Africa, making up for the lower production in South Africa and Peru (South Africa used to be the world’s largest producer but now falls behind China, Australia and the U.S.).

An index of consumer sentiment unexpectedly fell in January (from 74.5 to 72.7), according to a poll released by Thomson Reuters and the University of Michigan. Usually this would reflect higher gold prices, but the aforementioned seemingly optimistic news is outshining some of the more negative news that usually drives people to precious metals.


Gold spot price is down $28.80 for the day – Silver is down 98 cents – Platinum is down $6.40 – Palladium is down $22.00

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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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