Closing Gold & Silver Report – 2/10/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price -$1,364.40
- Silver price - $30.24
- Platinum price - $1,830.00
- Palladium price - $824.00
COMMENTARY: Excepting platinum, precious metal prices continued to rebound this afternoon, but they did finish down for the day. It will be interesting to see what takes place tomorrow in both the equity and precious metals markets. There might be some flight for safety, as Egypt’s President Mubarak, contrary to earlier reports, is refusing to step down. This came as a great surprise especially to the hundreds of thousands of demonstrators who had gathered to celebrate the news. Astute Middle Eastern analyst have been saying all along that this is a fluid and unpredictable situation.
Turning our attention to China,global economist David Hale writes that he sees the developing nations such as China driving gold to $2000. Mr. Hale points out that the developing countries get the attention, but the real inflation risks are in the developing countries. Gold is a global currency and it will serve as a hedge to inflation no matter where in the world it arises. Inflation is appearing on all radar screens as of late, no matter how much Mr. Bernanke plays it down.
Gold spot price was down $1.60 – Silver price was down 11 cents – Platinum spot price was down $29.40 – Palladium price was down $4.50
If you are new to investing in precious metals and just not sure which products to look at you will find it helpful to go to our Top 40 Best Sellers. These are the items we sell the most and is a good place for new investors to begin. The Buy Price indicates what we would pay you if you were selling to us and the Sell Price is what you would pay us.