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Morning Gold & Silver Market Report – 3/28/2011

  • Gold price - $1,413.90
  • Silver price - $36.65
  • Platinum price - $1,732.00
  • Palladium price - $742.90

 

COMMENTARY:Precious metal prices are declining in early morning trading as the US Dollar firms and the price of oil goes down slightly.Gold spot price is down$13.30 – Silver price is down 47 cents – Platinum price is down $15.50 – Palladium spot price is down $8.50

Five Things to Watch in the Market this Week. 1) Stocks posted huge gains last week as the volatility index dropped. Will this carry into Monday despite continuing geopolitical risks, more radiation concerns out of Japan and new housing data? 2) What will the latest news be out of Japan? 3) The conflict in Libya and President Obama’s explanation of why and how long we will be there.4) The New York Times attempt to monetize their online content. 5) Will the housing numbers be as bad as expected and will analysts began to officially call it a double dip?

On Friday, Antonia Oprita published an interesting article “Buying Gold=  Shorting Mankind’s Wisdom”. According to Dylan Grice, a research analyst at Societe Generale, commodities are not a good long term bet because of man’s ingenuity in developing new ways to replace old resources. The one exception is gold “which is not like other commodities and other commodities are not like gold.” Although human beings have tremendous creative and adaptive qualities, they have not demonstrated much capacity to learn from past mistakes. He points out that inflation has happened in the past and it has been the same two villains every time. You have a government under financial pressure accompanied by money printing for political purposes. "We're set to reacquaint ourselves with those villains in the flesh," he wrote.

According to the CFTC (Commodity Futures Trading Commission) there are currently 192,838 long contracts on gold and short 3,636. It would appear the vast majority is betting on gold prices to stabilize or go up.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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