Our Daily
Market Reports

Mid-Day Gold & Silver Report – 3/3/2011

At 12:18 PM (CT) the APMEX precious metals prices are:

  • Gold price - $1,417.30
  • Silver price - $34.32
  • Platinum price - $1,830.10
  • Palladium price - $814.00

COMMENTARY: The news out of the Libya is improving. The country of Venezuela has stepped in to offer their assistance in hopes of establishing a peaceful resolution to the conflict in the country. Hugo Chavez, president of Venezuela, views himself as a anti-imperial revolutionary and has a close association with Muammar Gaddafi. Venezuela has been noted to be a likely landing spot in the event Gaddafi is actually ousted.

The domestic news is improving, with jobless claims unexpectedly falling by 20,000 to reach the lowest level in nearly three years. There is also news that mortgage rates continue to fall, which appeases domestic concerns over inflation. The news is helping decrease the price of all precious metals in today’s pricing. This news should not influence your investment choices as precious metals are still viewed as a strong safe haven for your portfolio protection. Barclay’s Capital even stated “Despite silver's weak underlying balance, we retain our positive outlook for prices as investment demand remains in the driving seat…the drivers behind that demand shadow the interest in gold.”

Gold spot price is down $21.40 – Silver price is down 59 cents – Platinum spot price is down $30.20 – Palladium price is down $8.40

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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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