Mid-Day Gold & Silver Market Report – 1/7/2011
At 12 PM (CT) the APMEX precious metals prices were:
- Gold price - $1368.70
- Silver price - $28.86
- Platinum price - $1,735.40
- Palladium price - $755.00
COMMENTARY: Today’s disappointing job report could not be tempered by a slight drop in overall unemployment. Simply stated, the economic outlook is not as favorable as some thought earlier in the week. Bruce Bittles, chief investment strategist at Robert W. Baird, says the data is misleading because it “means a lot of people just gave up”. The news caused the US dollar to retreat, which is causing the price of gold, after hitting a six week low, to finally show signs of recovery. Carl Furman of VM Group says, "If you have a sustained period of good, positive U.S. data, which points towards a good U.S. recovery, the dollar is bound to strengthen slightly, and that is generally negative for the gold price.” Each investor should decide for them self whether the US economy is really out of the woods and will the US dollar continue to get stronger. For these to happen it will be important that we receive no unpleasant surprises.
Gold spot price is down $4.00 – Silver spot is down 29 cents – Platinum spot price is up $2.30 – Palladium spot price is down $8.90