Morning Gold & Silver Market Report – 3/22/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price - $1,422.70
- Silver price - $35.90
- Platinum price - $1,736.00
- Palladium price - $734.20
COMMENTARY: As the US dollar loses its safe have appeal and declines, gold prices have been going up in conjunction with equity prices. Gold prices should fluctuate as a balance is struck between positive economic expectations and the Middle Eastern/North African conflicts. Precious metals will continue to benefit from the Libyan conflict and the stories that keep flowing out from Japan. Gaddafi shows no signs of giving up as his forces attacked two more towns killing dozens of rebels.
Representative Ron Paul, R-Texas, known for being a long standing advocate of the gold standard has scheduled an April 1 hearing in the U.S. House Subcommittee on Domestic Monetary Policy to examine the bullion programs at the US Mint. Rep Paul is expected to use this platform to promote his cause for currency backed by precious metals.
Although not always considered as strong as gold as a safe haven investment,silver is gaining recognition as a global monetary metal and gaining acceptance as the same safe haven play as gold. The rising inflation in China and India along with the European debt crisis has triggered a flight to both gold and silver. Silver is especially gaining momentum is emerging markets.
Gold spot price is down $4.80 – Silver price is down 18 cents – Platinum price is down $9.90 –Palladium price is down $9.10