Closing Gold & Silver Market Report 1/25/2011
At 4 PM (CT) the APMEX precious metal spot prices were:
- Gold: $1,334.00
- Silver: $26.89
- Platinum: $1,788.30
- Palladium: $783.00
COMMENTARY: Precious metals continue to trade down today. Gold price fell to 3-month low, and is down 6% for the year. Experts say that the rate hike from the Reserve Bank of India (as well as rate hikes in China) has likely reduced the physical demand for precious metals. In a contrary view, Reuters released a poll today that shows the consensus among Wall Street analysts is that the gold prices for this year will average at $1,450 an ounce.
Even though most news this week is focused on optimism and financial recovery, anti-government riots plague Egypt. Today tear-gas was released as thousands of rioters hurled rocks and climbed on police armored vehicles. About 10,000 protesters filled the Tahrir square chanting and raising flags in protest to the government. At least 3 known deaths have occurred in confrontations around the country. Geopolitical upheaval tends to send people running to the safety of precious metals.
APMEX just released the 2011 MS 70 First Strike Silver Eagles.There is a limited supply.
Gold spot price is down $12.50 – Silver price is down 50 cents – Platinum spot price is down $30.30 – Palladium price is down $34.60