Closing Gold & Silver Market Report – 3/9/2011

 

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

  • Gold price - $1,432.80
  • Silver price - $36.19
  • Platinum price - $1,800.60
  • Palladium price - $781.50

 

COMMENTARY: Today was a day of mild trading within a tight range for both the stock and precious metal markets. As stocks retreated towards the close, precious metals came up, but neither move was significant. The markets might be getting used to the news coming out of the Middle East and until something more dramatic occurs, markets will not move as easily as it has the past few weeks.

It has been reported, that China intends to raise its gold position in its foreign exchange reserves. China currently has approximately 3% of the foreign exchange reserves in gold, while the United States has over 70%. Although this 3% is a small percent compared to most Western nations, it still represents one of the higher volumes of gold because China’s total foreign exchange reserves of $3 trillion is such a large number. Yesterday, Li Yining, a prominent Chinese financial advisor, said that China should be purchasing more gold with this $3 trillion dollar fund. He feels this is important to hedge against foreign currency devaluations.

Gold spot price finished up $4.60 – Silver spot was up 46 cents – Platinum spot price was down $3.00 – Palladium price was down $6.20

The 2011 1 oz Silver Britannias from the Royal Mint have just arrived.Produced by the Royal Mint, the Silver Britannia, legal tender in the United Kingdom, has a face value of two pounds and contains one troy ounce of 95.8% fine silver. Buy Silver Britannia coins to add to your silver coin collection. APMEX makes it easy to buy silver by offering competitive silver prices on all silver coins.

The 2011 1oz Gold Britannia has arrived as well.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/16/2014 3:15:33 PM EST

Metal Bid Ask Change
Gold $1,302.90 $1,304.90 $2.60
Silver $19.57 $19.67 $0.14
Platinum $1,428.60 $1,438.60 ($6.00)
Palladium $798.20 $803.20 $6.30
4/16/2014 3:15:33 PM EST

Click here for Historical Charts*All Charts are in USD


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