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Market Reports

Morning Gold & Silver Market Report – 12/16/2010

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,377.20
  • Silver price - $29.01
  • Platinum price - $1,702.50
  • Palladium price - $746.00


COMMENTARY: Gold prices are down this morning not so much on news, but more likely the result of profit taking and balancing positions. “The trend is up” according to Wallace Ng, executive director at ABN Amro Bank NV in Hong Kong. He stated that just because metals may test low sides, the fundamentals that have been driving it up for the past ten years have not changed. George Milling-Stanly of the World Gold Council, stated in a CNBC interview this morning that the supply side issues are currently being overlooked,but they will come into play. He pointed out that Central banks, who are normally net sellers of gold, thus adding to supply are now net buyers or gold, thus competing for demand.  He also pointed out that the emerging economic powers of China and the Far East do not currently maintain high per cent ages of gold in their reserve currencies, but they will most certainly bring this up significantly to match the amounts held by most Western countries.

Gold price is currently down $11.50 – Silver spot is down – 30 cents – Platinum price is down $5.20 –Palladium price - $9.20

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World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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