Our Daily
Market Reports

Morning Gold & Silver Market Report – 3/1/2011

At 10:30 AM(CT) the APMEX precious metals spot prices were:

  • Gold price - $1,427.10; +$16.20
  • Silver price - $34.45; +$0.57
  • Platinum price - $1,840.60; +$30.40
  • Palladium price - $810.90; +$11.20

 

COMMENTARY: With the first day of March, markets are reminded of the protest scheduled for March 11th in Saudi Arabia. Stock markets in Saudi Arabia were down more than 6% overnight as concerns grow for the economic health of the region (see Stock Exchanges in the Middle East). These concerns are creating a view of the Worst Case Scenario for the region, for oil prices, for impact on the U.S. economy and global inflation as countries compete for what may be a smaller energy pool. U.S. Federal Reserve Chairman Ben Bernanke is in front of Congress today, explaining in Congressional testimony that QE2 (the “quantitative easing” of round 2, hence “QE2”) would continue as the Federal Reserve buys $600 billion in U.S. issued bonds. Traders know that the result of this action is further increasing the number of dollars in the marketplace and monetizing the U.S. Debt with newly created currency. The Chairman also stated that the recent spike in oil prices (now over $100 per barrel) could have a negative impact on the U.S. economy and raise inflation (see Oil and Bernanke). Libya continues to struggle in the effort to oust Gadaffi while Gadaffi lashed out against Switzerland (the country froze his personal assets) by stating that the country “should be abolished.” 

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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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