Morning Gold & Silver Market Report – 11/8/2010
At 8AM (CT) the APMEX precious metal spot prices were:
- Gold price – $1,392.60
- Silver price – $26.89
- Platinum price - $1,759.50
- Palladium price - $696.10
COMMENTARY: In late Friday night trading, gold spot price reached an all-time high of $1398.70. Precious metals have been under some selling pressure this morning, as the US Dollar is slightly higher. The US Dollar index remains technically and fundamentally weak in the near term, but if temporary rebounds were to occur, it would be bearish for precious metals.
World Bank Chief calls for new gold standard. World Bank Chief, Robert Zoellick, floated out the proposal prior to this week’s G20 meeting in Seoul, that the leading economies should consider, “employing gold as an international reference point of market expectations about inflation, deflation and future currency values.”
Gold spot price is down $2.40 from Friday’s Closing Commentary – Silver price is up 12 cents – Platinum spot price is down $12.30 – Palladium prices continue to rise up $7.60.