Morning Gold & Silver Market Report – 2/10/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,354.50
- Silver price - $29.91
- Platinum price - $1,832.00
- Palladium price - $820.00
COMMENTARY: Gold spot price is currently off $11.50 – Silver spot is down 44 cents – Platinum spot price is off $27.40 – Palladium price is down $8.50
Despite jobless claims dropping to their lowest levels since July 2008, the stock market is poised to open lower and precious metal prices are down. Precious metals have been active lately especially with the fear of inflation escalating world wide. The Bank of England announced that it will keep its key interest rate at its current record low of 0.5%. The bank is betting that the threat of inflation is only a temporary threat and that England’s economic recovery is still far in the distance. JP Morgan came out on Tuesday with a statement that they are now allowing gold to be used as collateral. Although this should not be used as an indicator on how much JP Morgan projects gold prices to rise, it would indicate they are not concerned about a major correction.