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Morning Gold & Silver Market Report – 3/18/2011

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,419.80
  • Silver price - $35.14
  • Platinum price - $1,718.30
  • Palladium price - $728.00

 

COMMENTARY:Gold prices are moving up this morning due to the escalating risks in Libya and North Africa, which is also driving up oil prices. The fear of risk from this region is overcoming the news that China’s central bank announced on Friday they are raising lender reserve requirements another 50 basis points. This is the third move this year and the sixth since November, as China continues to monitor inflation.

The G-7 announced yesterday, that on March 18 they would intervene in the currency markets to weaken the Yen.  It would appear this is stated as a one day event, but they also stated “we will monitor exchange rates closely and will cooperate as appropriate.” The wild currency fluctuations seen since the earthquake are unprecedented in the eyes of many analysts and it is driving investors to precious metals.

The United Nations approved military action against Libya and there are reports of Egypt sending arms to the rebels. There has been a no-fly zone imposed over Libya and “all necessary measures” will be taken to protect civilians from the Libyan army.

On a less serious note, Turkey, the world’s fourth largest gold consumer is expected to increase gold imports by 50% in 2011. Investors appear to be buying in anticipation of higher prices and because the Turkish banks cut interest rates.

Gold spot price is up $14.60 – Silver price is up 82 cents – Platinum price is up $10.40 – Palladium spot price is up $10.20

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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