Morning Gold & Silver Market Report – 1/24/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,348.30
- Silver price - $27.38
- Platinum price - $1,822.70
- Palladium price - $819.00
COMMENTARY: Precious metal prices are up in early morning trading as recent price drops attract current investors. Generally, current investors buy as the price drops to add to their positions, while new investors buy as prices go up thinking they need to get in. With a long term view in mind, both strategies provide the wealth protection gold provides.
Gold prices have retreated over the past three weeks on the expectation of an impending economic recovery. However, the data continues to project a long slow process. There appears to be more and more concerns with the lack of plans to tackle debt. In addition, our fragile economic recovery remains susceptible to “tail risks”. A “tail risk” defined as an unexpected, unpredictable event with severe negative consequences.
Gold spot price is up $5.80 – Silver is down slightly 11 cents – Platinum spot price is up $1.40 – Palladium price is up $1.30