Closing Gold & Silver Report – 2/14/2011
At 4 PM (CT) the APMEX precious metals prices were:
- Gold price – $1362.40
- Silver price – $30.65
- Platinum price – $1832.70
- Palladium price – $835.50
Precious metals were on the rise today with news of the President’s deficit budget of $1.1 trillion over the next 10 years being revealed this morning. The Republicans feel that Obama is not cutting back as much as he should and that our debt will continue to rise. They also fear that the gap between the current debt and our legal limit is closing quickly. Gold seems to be reacting to these budget concerns and the unrest in the Middle East, which saw Egypt succeed in overthrowing the government. Protests have now spread to Iran and Bahrain.
Usually there is a negative correlation between stock markets and metals, however silver has made a 2% gain on from the strong industrial demand of the improving economy. The same negative correlation usually applies to the US dollar, but the dollar has been up today and yet precious metal prices are rising. The combined fear of the unrest in the Middle East, the growing US debt and the fear of inflation have overpowered the norms.
Gold spot price is up $1.50 – Silver price is up 59 cents – Platinum spot price is up $19.20 – Palladium price is up $18.80