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Closing Gold & Silver Market Report – 2/3/2011

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

  • Gold price - $1,356.60
  • Silver price - $28.99
  • Platinum price - $1,840.60
  • Palladium price - $822.20


COMMENTARY: Precious metal prices surged shortly before 12 Noon (CT) and maintained these gains throughout the afternoon. Most analysts attribute this to safe haven buying as a result of events in the Middle East, as well as Fed Chairman Ben Bernanke's statement today that the US economy will continue to need Fed support, for some time to come.

We all remember the “Flash Crash”, but are we ready for the “Splash Crash”? The “Splash Crash” is the potential for an all encompassing market meltdown, not only affecting stocks, but also currencies, commodities and bonds. The interconnectedness of today’s high-speed trading platforms make it possible and a geopolitical crisis such as what we are seeing in the Middle East could set it off.Kevin Ferry, President of Cronus Futures Management in Chicago, believes this “splash crash” will happen..

Gold spot price was up $24.00 –Silver price was up 63 cents –Platinum spot price was up $12.00 – Palladium price was up $9.70

Reports that Russian palladium stockpiles will run short in 2011 were supported today as the Swiss customs office announced the palladium trade flow numbers for December and CY2010. This report is viewed as the best way to track sales of Palladium from Russia and this report clearly shows the amounts are declining significantly. 

1oz Palladium Canadian Maple Leafs or Palladium bars provide solid choices for palladium investors.

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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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