Our Daily
Market Reports

Closing Gold & Silver Market Report – 3/21/12

WEAK SUPPLY BOOSTS OIL PRICES; GOLD, SILVER PRICES STEADY     

A weekly government report showing a surprising decline in oil inventories sent the price of crude oil futures upward. Prices reached as high as $106.91 on the New York Mercantile Exchange. The Energy Information Administration also reported that gasoline stockpiles were down 1.2 million barrels. Gold and Silver prices gained modestly through the day.

According to written testimony to Congress, Federal Reserve Chairman Ben Bernanke says the Fed will act if Europe falters again. Bernanke said that although Europe’s financial troubles have eased, the eurozone is not out of the woods. If conditions should deteriorate, the central bank would be prepared to step in. He stressed that a further strengthening on the European banking system is required to guard against contagion in sovereign debt markets.

Investors will be closely watching Thursday’s jobless claims report in search of indicators of the upcoming March jobs report. “It’s a survey week, so they’re going to take on a bit more significance,” said Joseph LaVorgna, chief economist at Deutsche Bank. Most economists are predicting a slight uptick and an improving four-week moving average.

At 4 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,652.30 – Up $3.60.
  • Silver - $32.22 – Up $0.35.
  • Platinum -$1,642.50 – Down $12.80.
  • Palladium - $686.00 – Down $11.10.

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Disclaimer:
APMEX’s ‘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, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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