Closing Gold & Silver Market Report – 1/3/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,415.30
- Silver price - $30.72
- Platinum price - $1,782.10
- Palladium price - $793.90
COMMENTARY: Considering that the stock market boomed on the first day of 2011 trading, precious metal prices held their ground. Data came out indicating improving manufacturing conditions and rising construction spending. However, no matter what theme is in play at the time, there is always another side to the story. Technicians fear that the current low level of investor fear, (as measured by the VIX), is not sustainable, and any type of shock could cause a sharp downturn in the market.
We have often repeated that gold is about protecting wealth and that every investor needs an insurance policy against all the potential shocks that could rock the marketplace.
Gold spot price finished the day off $7.10 – Silver spot was down 24 cents – Platinum spot price was up $7.80 – Palladium price was down $10.40
Silver was up over 81% in 2010. For those investors who continue to be bullish on silver you can now pre-order the 2011 American Silver Eagles. For those who prefer silver bars or rounds, we have a great selection from Silver Towne.