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Mid-Day Gold & Silver Market Report – 3/30/2011

GOLD PRICES UP AS JOBS REPORT DISAPPOINTS

The ADP employment report came out this morning falling short of expectations. If the jobs picture turns out to be not as rosy as expectations , then the talk of ending QE2 early might go away, allowing the flow of cheap money to continue. If cheap money continues to flow, the fear of inflation will continue to rise.

It appears that the increased tensions across the globe regarding the conflict in Libya, radiation leak reports out of Japan and the downgrades of Portugal and Greece’s debt are also sending  investors to the safe-haven of gold. “Nothing particularly new has happened but there is increased tension throughout the world and that is causing people to look at gold as a safe haven object,” says Will Rhind, head of US operations for ETF Securities.

Nigel Moffatt, head of Treasury at Gold Corp, owner of the Perth Mint says there is very high demand for gold coming out of China. “China is the world’s number one producer, 340 tons of gold a year but you don’t see any of that coming out of China but you see a lot of gold going into China.” The Perth Mint sells 20% of its production into China.

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

  • Gold price - $1,425.00 (up $7.80)
  • Silver price - $37.56 (up 50 cents)
  • Platinum price - $1,777.00 (up $34.40)
  • Palladium price - $759.00 (up $5.00)

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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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