Closing Gold & Silver Market Report – 2/21/2012
GOLD, SILVER PRICES HEAD HIGHER THROUGH DAY
The headlines give the Greek bailout settlement credit for the big move in Gold and Silver prices today, and that was no doubt a factor. However, the wise investor might look deeper. These prices might reflect a world in constant turmoil, and this Greek package (which is not fully approved), might be but a small contributor. Oil prices are beginning to rise sharply as tensions between Iran and the West escalate. The Iranians know that the U.S. is certain to retaliate should they block the Strait of Hormuz. But would that deter them? How long will Israel sit back and wait? Rising oil prices are certain to threaten a fragile economic recovery should they continue to go up. Add to this that China just loosened its banking requirements, thus joining Europe and the U.S. in pumping more paper money into its financial system. None of these factors would lead anyone to predict falling Gold and Silver prices, so perhaps today’s movements do reflect more than just one global event.
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold – $1,760.70 – Up $35.80.
- Silver - $34.41 – Up $1.13.
- Platinum - $1,692.50 – Up $57.60.
- Palladium - $711.00 – Up $21.90.