Closing Commentary – 10/22/2010
As of 4PM (CT) the APMEX spot prices were:
- Gold - $1,329.00
- Silver - $23.31
- Platinum - $1,679.00
- Palladium - $594.00
COMMENTARY: The US Dollar strengthened this week, pressuring gold to a six week low. However, we did see a slow rebound in prices during the afternoon, as all indicators from the G20 say that the currency wars are not going to end anytime soon. Gold is up over $5 in afternoon trading – Silver is up over 15 cents – Platinum is up over $4 – Palladium is up over $2. Investors will continue to monitor news from the G20 and its effect on the direction of the US Dollar.
Paul Horsnell, managing director of Barclays Capital, stated in a media briefing today that Gold will reach $1,450 by mid-next year and by years end it could reach $1,850. Basic bullion coins such as Gold Buffalo, Gold Canadian Maple Leaf, Austrian Gold Philharmonic and South African Krugerrands are excellent choices to help manage risk in your investment portfolio.