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Closing Gold & Silver Market Report – 12/02/2010

  • Gold price -$1,386.20
  • Silver price -$28.60
  • Platinum price - $1,713.10
  • Palladium price – $762.00

 

COMMENTARY:

The spot price of gold dipped slightly today, but the long term outlook remains positive. We heard this morning that China has already imported five times more gold this year than they did last year. Barclays Capital reported today their outlook remains bullish, due to worldwide demand, inflation fears, macro uncertainty, geopolitical tensions, sovereign debt risk, low interest rates, and concerns over currency stability. 

Domestically, conflicting information leads to uncertain projections regarding the state of the US economy. Home sales have grown 10% since September, but unemployment unexpectedly increased to 436,000 in late November. News of economic woes seems to outweigh news of an upswing. Gold spot price is down $2.10 on the day, silver price rose $0.18, platinum spot price jumped $28.10, and palladium price increased by $30.30.

Palladium was the biggest percentage winner of the day. Those investors interested in Palladium might consider the Pamp Suisse 1oz bars

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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