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Mid-Day Gold & Silver Market Report – 3/29/2011

HOUSING AND GAS PRICES AFFECTING U.S. ECONOMIC GROWTH; CONCERNS IN MIDDLE EAST GROW

Most forecasters had predicted higher numbers earlier this week, but the reality of the reports released today show a fall from a 72 reading in February to a 63.4 reading. As prices of food and gas continue to climb expectations are not looking promising at this time for fuel to the recovering economy. Housing is not showing any signs of recovery according to David Blitzer, chairman of the S&P Index committee.

According to reports out of Libya, troops loyal to Muammar Gaddafi have pushed back the rebel advancement of the last few days. Today in London the US has announced it will be taking more of a support role, with NATO taking full control. Hillary Clinton announced the airstrikes would continue until Gaddafi loyalists’ ceased violence. In other Middle East news the Syrian government has resigned, leaving full power in the hands of their leader, Bashar al-Assad. Most power was already in his hands, but the democratic protests are still very present as they have been in Egypt, Libya, Bahrain, and Saudi Arabia.

The high prices of oil have triggered inflation concerns thus making gold and silver an excellent tangible asset for investors. Gold is seeing more cautious selling, “says George Gero, senior vice president of RBC Capital Markets, “after option expiration last night… also tightening by China… are bringing hedge selling.”

At 12:05PM (CT) the APMEX precious metals prices were:

  • Gold spot price - $1418.10 (down $2.80)
  • Silver spot price - $37.03 (down .13)
  • Platinum spot price - $1741.80 (down $8.00)
  • Palladium spot price - $756.00 (up $9.30)

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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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