Morning Gold & Silver Market Report – 3/3/2011
At 8AM (CT) the APMEX precious metals spot prices were:
- Gold – $1,426.50 -- -$12.30
- Silver – $34.52 -- -$0.40
- Platinum – $1,842.20 -- -$18.10
- Palladium – $822.40 -- +$6.00
COMMENTARY: Precious metals are down this morning (save Palladium) as the stock markets are up. Reports are saying that Moammar Gaddafi is mulling a peace plan proposed by Venezuelan President Hugo Chavez. However, witnesses are also claiming that a warplane bombed an eastern oil terminal town in Libya after Gaddafi launched a ground and air attack on the town.
Marketwatch’s Peter Brimelow says that gold’s climb has meaning beyond the market. He says that the news of China importing 200 metric tonnes of gold in the past two months suggests “an astonishing and bullish restructuring of the physical market.” He also says that gold’s most recent record high shows signs of “a dramatic slump in confidence in U.S. economic management.”