Our Daily
Market Reports

Closing Gold & Silver Market Report – 3/1/2011

At 5:00 PM(CT) the APMEX precious metals spot prices were:

  • Gold price - $1,430.30; +$19.40
  • Silver price - $34.50; +$0.61
  • Platinum price - $1,843.50 +$33.30
  • Palladium price - $816.40 +$16.70

 

COMMENTARY: Gold tops previous records today on the unrest in Libya and other MENA countries (Middle Eastern North Africa, “MENA”). Reports such as  Gold Ends on Record High show the strength in the markets especially as it relates to threat of rising oil prices. Gold also seemed to benefit from Bernanke testimony to Congress today as he made it clear he wasn't concerned about leaving easy money policies in place. It also appeared as if talk of protests in Iran provided an added measure of flight to quality buying interest today. In the end, gold seemed to get currency, safe haven and inflation based buying interest today. The recent topic of JP Morgan Accepts Gold as collateral seems even more important as the beginning of the commercial banking centers acceptance of gold as a currency asset. As earlier reported today, the U.S. Mint has released February 2011 American Silver Eagle sales totals, showing record sales; interestingly in the story  UK Royal Mint Sales Double demonstrates such acceptance of other sovereign coin issues with equal fervor.

 

The American Gold Eagle and the American Silver Eagle are two of the many choices for you to select Gold and Silver to add to your portfolio diversification.

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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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