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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.

Many wonder what damage Hurricane Irene will thrust upon North Carolina, but some even fear that it will hit New York City. 

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

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Disclaimer:
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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