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.