Morning Gold & Silver Market Report – 1/21/2011
Peter LaTona
1/21/2011 8:15:00 AM
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,345.10
- Silver price -$27.38
- Platinum price - $1,819.00
- Palladium price - $815.00
COMMENTARY: Precious metal prices are bouncing off morning lows and platinum spot price is now in the black. In 2010, China imported 40% more platinum than in 2009. Platinum is not only used by the automobile industry, it also is used in jewelry and in pollution-control devices. Considering the pollution problems China is dealing with, it would seem their taste for platinum is most likely to continue to go up. (Not to mention they are the world's largest car market.) This same article points out that silver exports fell because of China’s high domestic demand. This should continue to put pressure on the supply side for the global silver market.
The state of California declared a state of fiscal emergency yesterday as they tackle a $25.4 billion budget gap. Although this declaration is procedural, it does give state lawmakers 45 days to address the issue.
Gold spot price is currently down $7.20 – Silver price is down 30 cents – Platinum spot price is up $1.40 – Palladium price is down $6.40
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
