Our Daily
Market Reports

Morning Gold & Silver Market Report – April 1, 2011

DAY FOR BEARS OR BUYING OPPORTUNITIES?

Precious metal prices are dipping this morning and there are bearish forces in play.Gold prices could be affected by an Indian holiday that has Indian Banks closed until next Tuesday. This means limited availability of the FX. The world gold markets will be open, but the world’s largest buyer of gold (India) will not be playing. The big news this morning is of course that the economy added 216,000 jobs and unemployment falls to 8.8%. This report will be viewed as positive for the equity markets and bearish for gold and silver. We should keep in mind that we have still recovered only a fraction of the 8 million jobs lost in the recession and many economist say we need 250,000 –300,000 in job gains each month to have any measurable impact.

In addition, precious metal prices often have downward pressure as a new quarter begins.There will be many investors looking to buy on the dip. If bearish forces do not win out today, investors should keep a sharp eye on the potential for rising gold prices.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,422.80 (down $17.10)
  • Silver price - $37.33 (down 63 cents)
  • Platinum price - $1,770.80 (down $10.50)
  • Palladium price - $772.50 (up $3.60)

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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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