Morning Gold & Silver Market Report – 1/31/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,327.10
- Silver price - $27.89
- Platinum price - $1,783.50
- Palladium price -$809.00
COMMENTARY: I must confess I am surprised by early market indicators already discounting the news coming out of Egypt. I suppose it gets boring watching the rioting footage day after day and people are ready to move on to the next story. The unrest must be quieting down and things will soon be under control and getting back to normal. What I do not see is any creditable news analyst expressing any level of comfort on how this is going to turn out.
Precious metal prices are falling in early morning trading. Is it because the Egyptian crisis is causing concerns about global food inflation? Perhaps they are declining because investors worry this may spread throughout the Middle East? Nouriel Roubini speaks about the geopolitical risk being on the rise, which will cause negative growth or inflation.Neither of which will be good.Of course I am speaking tongue in cheek. Precious metal prices should be moving up on this news and I would advise all investors to keep a watchful eye on this situation.
Gold spot price is down $15.10 – Silver price is down 10 cents – Platinum spot price is down $21,50 – Palladium spot price is down $10.00