Our Daily
Market Reports

Closing Gold & Silver Market Report – 2/8/2011

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

  • Gold price - $1,365.10
  • Silver price - $30.40
  • Platinum price - $1,859.20
  • Palladium price - $840.40


COMMENTARY: Precious metal prices surged today and gold may get a continued boost as JP Morgan joined the two biggest futures markets in allowing gold to be used as collateral for trading. JP Morgan is seeing more clients wishing to use gold as a hedge against inflation, but this action actually supports the concept that gold is a currency and not just a safe haven to protect assets through portfolio diversification.This is an indicator that gold is seen as a store of value and not likely to fall dramatically. Jim Cramer was quick to chime in and site this as yet another reason to buy gold.

Silver crossed the $30 barrier today. Perhaps it was the report that China imported four times as much silver in 2010 as they did in 2009. This demand will likely increase due to China’s appetite for silver for jewelry and industrial purposes.

Gold spot price finished up $16.40 – Silver spot was up 99 cents – Platinum spot price is up $15.00 – Palladium price is up $19.40

Note to our customers. It appears that Oklahoma City, where we are headquartered, is about to encounter yet another major snow storm. It is highly likely we will be closed on Wednesday and possibly Thursday. We will have this posted on our Home Page. Of course, our web site will remain open 24/7 to place orders as always.

Platinum American Eagles are not always available, but we have a good supply of them now. The same is true with South African Gold Krugerrands. The very first 1oz gold coin

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for gold, silver, platinum and palladium on our Spot Price Charts page.

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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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