Our Daily
Market Reports

Closing Gold & Silver Market Report – 3/8/2011

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,430.20
  • Silver price – 36.10
  • Platinum price -$1,808.00
  • Palladium price - $794.30

 

COMMENTARY: Platinum and palladium are not nearly as often in the news as gold and silver, but both metals have been on the rise in the past six months. Are these metals near their highs or are they in fact creating a new normal? Both of these metals are affected by supply constraints, that do not appear likely to disappear soon. Last Friday, the Nymex even raised their margin calls for palladium futures, which would indicate they see today’s prices as a base line.

Stocks were higher today and precious metals were relatively neutral. However, not all investors remain bullish on the stock market. Carl Icahn announced he was returning $1.76 Billion dollars to his outside hedge fund investors. In a letter to these investors Mr. Icahn said that he did not want the burden of managing this money through another downturn.

Gold spot price finished down $5.30 – Silver struggled back up to a gain of 17 cents – Platinum remained off $13.40 – Palladium moved from the negative to a positive $3.10

Pamp Suisse makes a beautiful 1oz Platinum bar and Credit Suisse makes a beautiful 1oz bar of Palladium

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Our spot prices are subject to change during the following hours, excluding holidays:

 
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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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