Our Daily
Market Reports

Morning Gold & Silver Market Report – 3/7/2011

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

  • Gold price - $1,439.00
  • Silver price - $36.43
  • Platinum price - $1,839.00
  • Palladium price - $808.60

 

COMMENTARY: As the markets re-opened Sunday at 5pm (CT), precious metal prices began to move up. Oil and gold both climbed on the news of fighting in Libya intensifying. Oil prices rose to a 29 month high. Silver surged past the $36 threshold. Also shaking the markets and driving up precious metal prices was the news that Moody’s Investors Service has further downgraded Greece’s Sovereign debt rating.  Despite the protests from the Greek government, their rating was cut a full three notches to B1. The government’s concern is that it might put them at risk for not meeting the criteria set for them to get continued support from the International Monetary Fund.

Investors continue to flock to safe haven investments, which is one reason gold is climbing and silver just hit a 31 year high. One other import factor is the declining US Dollar. Hedge funds and forex dealers have been placing large bets in record amounts against the US Dollar. Their bets say that the dollar is losing its safe haven appeal and they believe the European banks will soon raise interest rates.

Gold spot price is up $9.40 – Silver price is up $1.04 – Platinum price is up 10 cents – Palladium price is down $2.10

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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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