Mid – Day Gold & Silver Market Report – 12/22/2010
Peter LaTona
12/22/2010 11:36:00 AM
At 12PM the APMEX precious metal prices were:
- Gold price - $1,388.00
- Silver price - $29.37
- Platinum price - $1,732.80
- Palladium price - $757.00
COMMENTARY: Prices are down slightly today for silver and gold but up for platinum and palladium. The prices might be moving laterally today since there are issues occurring that would normally drive prices up and some that would drive it down: The dollar retreated down 0.02% today while the Euro Climbed (due to China announcing that they will be purchasing Portugal’s debt and help the European Union fight against sovereign debt), the IMF selling over 400 tons of gold, as well as the fact that stocks are up today. Due to the negative correlation of gold to that of stocks they will trend opposite of each other (although platinum and palladium have strong ties to industrial uses and usually trend with stocks). Also, tensions in the Koreas are starting up again as South Korea announced that on land and sea they will be exercising their largest ever live-fire drill. This was assumed to be in a direct retaliation to President Lee Myung-bak’s “weak” response to North Korea’s attack on them earlier in the month. Political upheaval directly affects stocks in a negative way and thus, gold in a positive way.
Gold price is down $1.30, Silver is down 3 cents, Platinum is up $9.90, and Palladium is up $2.90
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
