Mid-Day Gold & Silver Market Report – 1/17/2011
Peter LaTona
1/17/2011 4:32:00 PM
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,362.60
- Silver price – $28.35
- Platinum price - $1,809.50
- Palladium price - $795.50
COMMENTARY: On one hand, renewed concerns on the European debt crisis are causing a flight to safety, which will boost gold prices. On the other hand, it also depreciates the Euro dollar causing the US Dollar to go up, thus suppressing gold prices. In the end, gold and other precious metals are relatively flat. The European Central Bank announced that the Estonia Central Bank has joined their gold agreement. The agreement started September 27,2009 and limits gold sales to 400 tons a year for 5 years. As Central banks have been net buyers of gold as of late, thus competing for supply, this act would seem more symbolic than anything.
Reminder: the precious metal markets will be closed from 12:15 PM (CT) until 5PM (CT).
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
