Mid-Day Gold & Silver Market Report – 3/16/2011
At 12PM (CT) the APMEX precious metals spot prices were:
- Gold – $1,400.80
- Silver – $34.71
- Platinum – $1,698.80
- Palladium – $706.80
COMMENTARY: Gold and silver are holding on to their early-morning gains, platinum continues to dip, and palladium is trading fairly flat today. Domestically, the construction of new homes plunged by 22.5% in February, close to an all-time low level. Higher wholesale prices are showing signs of inflation, as the 1.6% jump is the biggest one-month rise since 1974. Stocks are down in the U.S., up in Japan, and oil is also climbing.
Internationally, the news of Portugal’s downgrade from Moody’s, the ongoing situation in the Middle-East, and the nuclear scare in Japan continue to support gold prices. Bahrain has declared martial law in the country. Iran has “condemned the military support of other Arab nations including Saudi Arabia, which has now sent 1,000 troops into the region.” The remaining group of workers at one of Japan’s nuclear plants withdrew briefly because of surging radiation levels. A helicopter was tasked with dropping water on the most troubled reactor, but failed to do so. The safe-haven appeal of gold continues to grow as these events escalate.
Gold spot price is up $7.00. Silver is up $0.54. Platinum is down $7.80. Palladium is up $0.90.