Morning Gold & Silver Market Report – 1/26/2011
At 8AM the APMEX precious metal prices were:
- Gold price - $1,332.90
- Silver price - $26.88
- Platinum price - $1,793.40
- Palladium price - $792.30
COMMENTARY: No matter what your thoughts are on President Obama’s State of the Union Address last night, there were indicators his administration would be more business friendly and there was an appeal that we have turned the corner and we are heading for better economic times. The stock market is poised to open higher on this optimism. Platinum and palladium, due to their industrial uses, are going up this morning as well.Gold and silver were off their morning highs, but appear to be stabilizing for now.
President Obama is proposing a 5-year freeze on non-discretionary defense spending, that would lower the US deficit by around $400 billion. Well known economist, Nouriel Roubini, speaking on CNBC today, discounted this cut as just “spare change”. He also brought up that the UK is facing two potential difficult blows in the form of spending cuts and higher inflation.
Gold spot price was down $1.40 – Silver price was up 2 cents – Platinum spot price was up $5.20 – Palladium spot is up $6.50