Closing Gold & Silver Market Report –8/26/2011
GOLD AND SILVER EXTEND GAINS
Precious metals have pulled ahead of mid-day trading prices with gold now sitting comfortably above $60 gains on the day and silver up over $0.50. Platinum and Palladium are also double-digits ahead on the day.
It was no surprise that Bernanke did not give very much information in his speech but he did open the door to the idea of easing in September. As a result of this Fed life-line, gold buoyed and once again headed past $1,800 due to gold’s historical ability to protect against inflation.
Europe is still being bombarded with negative news and situations as it struggles to keep its head above drowning in financial debt. Germany had been the “safe haven” for the many countries needing bailouts. However, Germany is now beginning to feel the strain of stretching its wealth across the Eurozone. The German market has been down 23% in the past month, compared to the 10% losses of the Dow.
At 4 PM (CT) the APMEX precious metal prices were:
- Gold price - $1,831.00 – up $65.80
- Silver price - $41.41 – up 55 cents
- Platinum price - $1,836.70 – up $13.30
- Palladium price -$763.50– up $10.30