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