GOLD, SILVER PRICES POST GAINS
Gold and Silver prices tried to give back recent gains today, but market news would not allow it. Both Gold and Silver climbed out of negative territory and posted nice gains on the day.
The Fitch Ratings downgrade of Italy, Spain and three other European countries did not shake the stock markets as much as many analysts would have thought, but it did continue to push Gold prices higher through afternoon trading. Fitch also indicated there is a 1-in-2 chance of further downgrades in the next two years. Gold prices are boosted by uncertainty, and this only adds more uncertainty to the very uncertain European debt crisis.
On Jan. 20, it was reported that if an agreement between Greece and its private debt-holders was not reached by the end of the day, there would be one by the end of the weekend. Today, we heard basically the same thing. It was expected that an agreement will be reached within days. If Greece is going to receive a bailout, such a deal must get done. If not, the prospect of a disorderly default is likely to produce a nightmare.
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,738.90 – Up $10.50.
- Silver -$34.04 – Up $0.23.
- Platinum - $1,625.80 – Up $8.00.
- Palladium - $691.40 – Down $4.10.