Morning Gold & Silver Market Report – 2/3/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,338.10
- Silver price - $28.50
- Platinum price - $1,832.40
- Palladium price - $813.00
COMMENTARY: Precious metal prices were down in overnight trading, but they are rebounding this morning. Gold spot price is up $5.50 – Silver price is up 14 cents – Platinum spot price is up $3.80 – Palladium spot is up 50 cents
Egypt continues to dominate the news as the opposition continues to gain strength. They have made it clear that they will accept nothing less than an immediate resignation from President Mubarak and that they are not interested in discussions. The violence that began suddenly on Wednesday continues and at least six protesters were killed in overnight fighting. This is a fluid situation with no end in sight and no apparent leader to step in and fill the void if President Mubarak is removed. Political leaders around the globe will continue to monitor this situation closely.
Jim Rogers, CEO of Rogers Holdings, commented today that there will probably be more political and social unrest, which will create more turmoil with currencies, which will continue to drive up commodities. This should put upward pressure on gold prices which is utilized against currency fluctuations.