Mid-Day Gold & Silver Market Report – 2/3/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,354.90
- Silver price - $28.87
- Platinum price - $1,842.00
- Palladium price - $822.30
COMMENTARY: After trading lower for most of the morning precious metal prices have surged in the past twenty minutes. Gold spot price is now up $22.30 – Silver price is up 51 cents – Platinum price is up $13.40 – Palladium spot price is up $9.80
It is unclear at this moment, whether a specific event has triggered this upsurge or if it is the cumulative effect of the news coming out of Egypt. Certainly the motive of safe haven buying is in play. No reputable authority is pretending to know how this crisis will turn out, but global leaders are pressing for change now.
Ben Bernanke just came out saying that despite small indicators of recovery, the US economy still needs help from the Fed. He further stated that unemployment should stay stubbornly above acceptable levels.