Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 3/1/2011

At NOON (CT) the APMEX precious metals spot prices were:

  • Gold price - $1,430.60; +$19.70
  • Silver price - $34.47; +$0.58
  • Platinum price - $1,845.80 +$35.60
  • Palladium price - $816.90 +$17.30

 

COMMENTARY: Gold is breaking out on the upside of recent trading ranges as uncertainty increases across the Middle East regarding the continuity of oil supplies at a level that has the possibility to meet growing world demand. Recently, Saudi Arabia announced sufficient increases to cover  any shortfall of Libyan supplies caused by the turmoil in the weakened Gadaffi government, but this promise seems to be failing in confidence by world markets as the Saudi stock market itself fell by more than 6% Monday evening. COMEX gold stocks have declined 14 of the last 20 days and are at the lowest level in the past 10 trading sessions. In the silver market, the U.S. Mint reported the sale of 3.2 million 1 oz. American Silver Eagles in February 2011, the largest total of Silver Eagles sold in any February for the entire 25 year history of the program and up 58% from the February total of 2010. Allocations are currently in effect for all Silver Eagle Authorized Purchasers, including APMEX.

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Our spot prices are subject to change during the following hours, excluding holidays:

 
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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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