Morning Gold & Silver Market Report – 3/21/2011
At 8AM (CT) the APMEX precious metals spot prices were:
- Gold – $1,434.10
- Silver – $36.08
- Platinum – $1,743.50
- Palladium – $739.50
COMMENTARY: Precious metals are on the rise this morning, thanks to “the tensions in the Middle East, coupled with the significantly weak dollar against the euro,” says Darren Heathcote of Investec Australia. He continued, “If the dollar remains weak and we get further unrest in the Middle East, there is a very reasonable chance for gold to test the record high.” Allied air strikes on Libya began over the weekend, and are said to have destroyed a building in Muammar Gaddafi’s fortified compound. Concerns of inflation are buoyed by rising oil prices, where “the key remains Saudi Arabia, where the news has at least not been any worse over the past week,” say analysts at the National Australian Bank. A majority of investors surveyed about global events believe the Federal Reserve will tolerate higher inflation, after news of a third round of quantitative easing being “an unavoidable fact of life.”
In a bit of good news, power was restored to two of the failed reactors at the Fukushima Dai-Ichi nuclear plant in Japan. The combination of the power being restored and the tons of sea water sprayed over the reactors has lowered the temperatures of pools holding spent fuel rods in the past 24 hours. The struggle to prevent a meltdown in the reactor continues as they try to restore power to two other reactors.
Gold spot price is up $17.00 on the day. Silver is up $0.96. Platinum is up $19.10. Palladium is up $7.30.