Closing Gold & Silver Market Report - 3/15/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,396.90
- Silver price – $34.34
- Platinum price - $1,702.00
- Palladium price - $709.80
COMMENTARY: The US stock market recovered about half of their losses, but still finished down in the triple digits. Precious metal prices recovered, but only marginally. Gold spot price was down $29.00 – Silver spot was down $1.58 – Platinum spot price was down $51.30 – Palladium price was down $39.40
The same forces that have been in play ever since the Japanese earthquake on Friday continue. Global stock markets are being battered. Oil went from the mind set of a short supply issue in a growing global economy to a short demand issue with falling global economic outlook. Platinum and palladium get pounded because of their relevance to automobile manufacturing, and silver and gold get sold to raise liquidity and cover margin calls.
US stock markets did come back after today’s Fed meeting. It was announced that they would continue with QE2 and they would keep interest rates near 0 for an “extended period.” All eyes continue to be on Japan and if there were hopes for some good news, it has not happened yet. There was a new blast at the nuclear reactor and another aftershock measuring 6.0. The Japanese people are still on high alert.
In Bahrain, the violence continues. On Tuesday, the King declared martial law.
Simple bullion coins are a great way to capitalize on a dip in gold prices. Take a look at the 1 oz South African Krugerrands