Morning Gold & Silver Market Report – 3/23/2011
AT 8AM (CT) the APMEX precious metal prices were:
- Gold price -$1,432.80
- Silver price - $36.56
- Platinum price - $1,743.00
- Palladium price - $742.20
COMMENTARY: The European debt crisis takes center stage this morning as Portugal’s Prime Minister Socrates is searching for a way to secure his nation’s debt before tomorrow's EUR meeting. The Prime Minister is proposing a new level of austerity measures that many expect the Parliament might reject. The Prime Minister has stated that he will resign if this happens, which could lead to a collapse of the current government a day before the EUR summit. The US dollar is going up by default as the euro declines in anticipation of this vote. This situation along with the Middle East could prompt flows into safe haven investments such as gold and silver.
We reported as did others, that China imported five times more gold in 2010 than they did in 2009, but their appetite for both gold and silver continues to grow. China may soon climb and match the current number one consumer of gold, which is India. Jeffrey Rhodes,global head of precious metals with INTL FCStone in Dubai, categorized the Chinese demand as “amazing”.
There is more disturbing news out of Japan as radiation is found in the Tokyo tap water. The costs of the recent earthquake and tsunami are now estimated to be over 300 billion dollars.
Gold spot price is up $4.20 – Silver price is up 22 cents – Platinum price is up $2.60 – Palladium spot price is up $3.40