Closing Gold & Silver Market Report – 3/16/2011
At 4PM (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 continue to move up today whereas platinum and palladium have moved down. The day began with prices dropping on the continued push to raise cash, but turned around as investors began to move in a buy on the dip. “I still think there is still room to get in on gold,” comments Scott Redler, chief strategic officer for T3Live.com, who trades the SPDR Gold Shares, “I think…it’s going to make new highs this year and it’s something you should have.”
The DOW is down 242 points today on fears of further issues with the four Japanese nuclear plants. It was reported today that there may be more layoffs ahead despite lower unemployment numbers. Also, news that China is continuing to cut back on exports of precious metals despite the continuing demand has the potential to drive up prices, along with the lack of exports from Japan due to recent events. All of these events could spur demand for safe haven investments like gold and silver.
Britannia gold and silver coins have just recently been released as well as some new commemorative coins for tomorrow’s St. Patrick’s day!
Gold spot price is up $6.10. Silver is up $0.11. Platinum is down $10.50. Palladium is down $5.60.