Our Daily
Market Reports

Morning Gold & Silver Report – 3/2/2011

At 8 AM (CT) the APMEX precious metals spot prices were:

  • Gold price - $1435.70
  • Silver price - $34.86
  • Platinum price - $ 1849.00
  • Palladium price – $822.60

COMMENTARY: The news coming out of UBS AG this morning is that China is the top global buyer in gold. Through the first two months of 2011 China has purchased over 200 metric tons of gold. Compare this to a total 2010 consumption of 579.5 metric tons. The spot price is driven by inflation concerns on a global level and in China itself a lack of viable alternative investments.

In other world news, the Middle East unrest is still dictating safe-haven appeal of gold. With other countries now joining Egypt, Bahrain and Libya the political unrest in the whole region is supporting the appeal of gold.

The domestic news from ADP Employer Services estimates show an approximate increase in private sector jobs at approximately 37,000 over original estimates. Ben Bernanke, in testimony before Congress, said there are “grounds for optimism” within the labor market over the coming months.

Gold spot price is up $3.50 – Silver price is up 36 cents – Platinum spot price is up $2.90 – Palladium price is up $6.30

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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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