Daily Market Update 2/16/11

GOLD
Today Gold traded actively in a narrow price range. Gold opened virtually unchanged, then traded down $5 on little news. After news was released of January’s U.S. wholesale price information up 0.8%, the largest increase since October 2008, and news of two Iranian warships going through the Suez Canal on their way to Syria, the gold market jumped up.  Gold finally closed at $1,375 up $1

SILVER
Silver closed down 6 cents to $30.65 on respectable volume.

PALLADIUM
Palladium closed up $4 to $840 per ounce on news from Abn-Amro Bank stating in their February 2011 Metals Monthly report that Palladium is likely to outperform platinum for the third straight year in 2011. Analysts cite sales of gasoline-powered cars in emerging markets, as well as improving investment demand. China’s auto sales doubled during the past two years.