Closing Gold & Silver Market Report – 11/08/2010
At 4PM (CT) the APMEX precious metal spot prices were:
- Gold price - $1,410.20
- Silver price - $27.77
- Platinum price - $1,777.00
- Palladium price - $710.00
COMMENTARY: We reported this morning that the World Bank Chief was calling for a new gold standard. At the time, we did not anticipate how much this would move precious metals upward to new highs. Gold spot is at at all time high, while silver spot and palladium spot prices crossed significant resistance points. Somewhat surprisingly,this all occurred as the US Dollar gained against a sinking Euro. There are new concerns over the sovereign-debt problems in Ireland and Portugal. Another factor possibly driving up precious metals prices is that even the Fed officials were split over the $600 Billion stimulus. As long as economic uncertainty remains, precious metals outlook should remain bullish.
Gold spot price is up $11.50 for the day while reaching an all-time high – Silver spot is up 99 cents, while crossing major resistance at $27 – Platinum spot price is up $8.10 – Palladium price is up $22.60, while crossing resistance at $700.
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