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Closing Gold & Silver Market Report –1/28/2011

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,338.30
  • Silver price - $28.02
  • Platinum price - $1,797.20
  • Palladium price - $818.00


COMMENTARY: The protests going on in Egypt were the big game changers today and they do have the attention of the world. The fear is not only the awkward position it puts the West, as we are caught between our need for strategic alliances and our democratic principles, but also the fear of contagion. These riots began in Tunisia and spread to Egypt. If they continue to spread, could it potentially destabilize the Middle East? Jim Cramer says that this event will effectively put a floor on gold prices and should remind us as to why we need to own gold.

No big surprise that investors ran away from stocks and jumped back into safe havens such as precious metals.Gold spot price was up $18.00 after starting the morning down over $5.00 and Silver price rebounded from a negative start all the way  to 92 cents on the plus side.Platinum spot price was down $6.30, while Palladium continued up $2.50

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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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