Morning Gold & Silver Market Report –3/16/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,403.30
- Silver price - $34.71
- Platinum price - $1,727.00
- Palladium price -$720.50
COMMENTARY: Gold spot price is up $9.50 – Silver price is up 52 cents – Platinum spot price is up $20.40 – Palladiums spot price is up $14.60
It would appear that the race to liquidity has slowed, so the downward pressure on gold and silver has diminished, allowing these metals to react more to world events than to margin calls. This could of course change, if a nuclear catastrophe would to occur in Japan. There were reports yesterday of radiation leaks reaching Tokyo, along with fires burning in reactors, but the information coming out of Japan is not consistent so it is difficult to know for sure the situation. Today, they are focusing on the number three reactor.
The fighting in Bahrain continues to escalate and draw more and more world attention. Saudi Arabia is contributing troops to assist the Bahrain government in their fight with the protestors.The US is a close ally of both Saudi Arabia and Bahrain, an uncomfortable position.
Portugal's debt rating took another hit from Moody’s as it was downgraded another two notches. It is currently three notches away from “junk bond” status.