Closing Gold & Silver Market Report – 3/17/2011+
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,404.90
- Silver price -$34.31
- Platinum price - $1,699.40
- Palladium price - $711.90
COMMENTARY: Silver prices will be something to keep an eye on once Japan is past this nuclear crisis and begins to rebuild. Although silver offers some safe haven qualities like gold, it is also heavily used for industrial purposes. Silver is one of our most conductive substances and it is used in everything from photography, to compact discs, semi-conductors and medical equipment. In short, for many high-tech products. Think of high-tech products and you will think of Japan. When Japan rebuilds, silver could be in high demand.
The US Stock Market rose 161 points today offsetting a portion of yesterday’s losses. Positive economic data overcame the continued uncertainty in Japan. However, the uncertainty does remain as a crew of 100 Japanese workers battle to keep six nuclear reactors from melting down. Unfortunately, it is being reported that weapons at their disposal are largely low-tech and improvised.
The United nations is poised to vote on implementing a no-fly zone in Libya and President Gaddafi appears intent on pressing them on this issue.The fear is that such military action will have short and long term risks to the entire Mediterranean region.
Gold spot price is up $7.90 – Silver price is down 24 cents – Platinum spot price down $2.10 – Palladium price up $5.80
The 2011 1oz Silver Mexican Libertad is now available. These coins have low mintages and are produced at the oldest Mint in North America, established in 1536.