Closing Gold & Silver Market Report – 12/02/2010
- Gold price -$1,386.20
- Silver price -$28.60
- Platinum price - $1,713.10
- Palladium price – $762.00
The spot price of gold dipped slightly today, but the long term outlook remains positive. We heard this morning that China has already imported five times more gold this year than they did last year. Barclays Capital reported today their outlook remains bullish, due to worldwide demand, inflation fears, macro uncertainty, geopolitical tensions, sovereign debt risk, low interest rates, and concerns over currency stability.
Domestically, conflicting information leads to uncertain projections regarding the state of the US economy. Home sales have grown 10% since September, but unemployment unexpectedly increased to 436,000 in late November. News of economic woes seems to outweigh news of an upswing. Gold spot price is down $2.10 on the day, silver price rose $0.18, platinum spot price jumped $28.10, and palladium price increased by $30.30.
Palladium was the biggest percentage winner of the day. Those investors interested in Palladium might consider the Pamp Suisse 1oz bars