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

At 4PM (CT) the APMEX precious metals spot prices were:

• Gold – $1,419.70
• Silver – $35.35
• Platinum – $16.70
• Palladium – $731.80

COMMENTARY:  Precious metals added to gains today and continue to recover from losses suffered earlier this week.  Internationally, the situation in Libya doesn’t seem to be improving, despite the U.N. calling for a no-fly zone and Gaddafi ordering an immediate ceasefire.  Investors doubted the sincerity of the ceasefire, and it appears they had good reason:  Gaddafi forces continue to push toward the rebel stronghold at Benghazi.  President Obama spoke on the situation today, declaring that “All attacks against civilians must stop.”  He also said Gaddafi needs to pull back from other towns that have been taken back by the government troops and establish water, electricity, and gas supplies to all areas.  He added, “Let me be clear, these terms are not negotiable… If Gaddafi does not comply … the resolution will be enforced through military action.”

Yemen became the second country in its region to declare a state of emergency this week, as rooftop gunmen shot and killed 42 protesters at an anti-government rally today.  President Ali Abdullah Saleh stated that police were not present and did not open fire.  The state of emergency bars citizens from bearing arms in public.

There have not been any recent breakthroughs during the day regarding the nuclear crisis in Japan.

Domestically, stocks are up for a second day, but ended down from the day’s high due to the aforementioned uncertainty overseas.  The U.S. dollar is down compared to a basket of six currencies (even including the weakened yen).

Gold is up $14.50 on the day.  Silver is up $1.02.  Platinum is up $16.70.  Palladium is up $14.00.

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