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Closing Gold & Silver Market Report – 3/30/2011

ECONOMIC BACKDROP SETS STAGE FOR HIGHER GOLD INVESTMENT

COMMENTARY: Precious metals have all stayed positive today despite the fact that the Dow Jones Industrial Average being within reach of its highest close since mid-2008 and that QE2 continuing on schedule.

Paul walker, CEO of GFMS says, “We think that in particular, the economic backdrop is still very conducive to higher gold investment.” He continues by saying that ultra-low interest rates, geopolitical turmoil, economic uncertainty, “in our view are going to be positive for investment demand in gold and should see prices move higher. “ He predicts that gold will surpass the $1,500 level “in the not too distant future.”

On a side note, Utah has now eliminated state tax on precious metals. Larry Hilton, an attorney who helped push the bill, said that by eliminating the tax on the exchange of the metals, the metals would then be on the same playing field as paper currency. He feels banks might step in and using the precious metals to back their accounts. Is Utah headed toward a gold and silver backed state? If this benefits Utah, maybe it will set the stage for change in other states. Only time will tell.

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,423.90 (up $6.70)
  • Silver price - $37.51 (up 46 cents)
  • Platinum price - $1,771.70 (up $29.10)
  • Palladium price - $754.20 (up $.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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