Mid-Day Gold and Silver Market Report – 12/28/2010
At 12PM (CT) the APMEX precious metal prices were:
- Gold price – $1405.60
- Silver price - $30.35
- Platinum price - $1754.00
- Palladium price – $788.10
Precious metals continue to rise today after news of the US Dollar index shedding 0.12% and after the government raised $35 billion in two-year bonds. George Gero, vice president of RBC Capital Markets, points out that “robust holiday sales [were] somewhat inflationary,” more so than in the last four years. Also trading and prices has lowered due to the upcoming U.S. Treasury auctions, thus bringing gold prices up. Rare-earth metal prices have also jumped as a result of China’s cuts on first-round earth export quota’s by 11%, which threatens to extend a global shortage of minerals needed for certain industrial products (which directly affects all precious metals). Chen Jiazuo, an analyst at metal researcher Beijing Antaike Information Development Co. says, “controlling domestic production capacity, output and exports will continue to be the theme.” This combined with China’s desire to bring their 3% gold invested in their foreign reserves up to the 50-60% (like the U.S. and Germany) they wish to reach, this will have a great affect on prices of precious metals.
Gold is up $1.90, silver is up 49 cents, platinum is up 50 cents, palladium is up $9.70.