Closing Gold & Silver Market Reports – 3/14/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,428.50
- Silver price - $35.99
- Platinum price - $1,757.00
- Palladium price - $747.90
COMMENTARY: With their strong connection to the automobile industry, it is no surprise that platinum and palladium continued their downward slide today. Japan is noted for their automobile manufacturing. Gold began the day strong and then dipped due to profit taking likely coming from Japan. Japanese investors are often long on gold, but in light of this current tragedy, they have no option but to sell gold to raise cash. US Investors will feel the effect of Friday’s earthquake on many fronts. It is being reported that US investors put over $1 Billion dollars in Japanese exchange-traded funds last month.
The Middle Eastern crisis has taken a back seat to the events in Japan, but it has not settled down. Saudi Arabia is sending troops into Bahrain to help put down protests. Some Muslim factions in Bahrain are calling this an act of war. In Libya, Qaddafi continues to carry out air strikes in Ajdabiya and continues to march east. The US and its allies are struggling to come up with acceptable measures to stop him.
Gold spot price is up $7.00 – Silver price is down 2 cents – Platinum price is down $24.10 – Palladium price is down $19.00