Mid-Day Gold & Silver Market Report – 3/17/2011
At 12PM (CT) the APMEX precious metals spot prices were:
- Gold – $1,402.60
- Silver – $34.20
- Platinum – $1,709.60
- Palladium – $717.20
COMMENTARY: Silver is down today as the U.S. stock market regains ground it lost to the selloff yesterday. After dropping over 200 points yesterday, the Dow has risen 140 points as of this writing. Not only is the mass selloff likely over, but jobless claims have declined by 16,000, which is more good news for stocks. Platinum and palladium seem to be benefitting from the optimism in the stock market as they are regaining losses as well.
Gold is up slightly based on physical demand remaining high, but a strengthening U.S. dollar and a continuing selloff for cash seems to be holding it back at the moment. Helping gold’s safe-haven appeal is the continuing situation in Libya, as the U.S. is mulling air strikes as Gaddafi forces are gaining ground on insurgents. Inflation is also a concern, and gold is often considered to be a hedge against inflation. Arthur Laffer of Laffer Investments explains that the situation in Japan could actually be a bad thing for inflation in the U.S. He doesn’t believe that Ben Bernanke and the Federal Reserve have “the ability to sell enough bonds to really bring us back into a tight money situation where the inflation is controlled.”
Gold spot price is up $5.50 on the day. Silver is down $0.34. Platinum is up $8.10. Palladium is up $11.20.