Mid-Day Gold & Silver Report – 3/21/2011

At 12 PM (CT) the APMEX precious metals prices were:

• Gold - $1428.60
• Silver - $35.98
• Platinum - $1744.00
• Palladium - $743.80

COMMENTARY: There is positive news out of Japan.  For the first time in a week, they are pumping water to cool the reactors. Warren Buffet, noted investor and billionaire, says, “Frequently, something out of the blue like this, an extraordinary event, really creates a buying opportunity. I have seen that happen in the United States, I have seen that happen around the world. I don't think Japan will be an exception.” The fears originally created by the earthquake, tsunami and nuclear fallout in the world’s third largest economy are derailing investors’ decisions to sell. The lack of selling is buoying global and domestic markets.

The big news that is continuing to drive Gold prices up is the fighting in Libya. According to a note to clients of Commerzbank, “The current uncertainties are fertile ground for precious metals.” The safe haven appeal is more acute when instability is escalating.  In an interview with Bloomberg, Francisco Blanch, the global head of commodities for Bank of America, spoke on how oil and natural gas prices will continue to rise and bring gold with them (4:18 of video).  

Gold spot price is up $11.50 – Silver price is up 86 cents – Platinum spot price is up $19.60 – Palladium price is up $11.60