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Closing Gold & Silver Market Report – 4/4/2011

SILVER CLOSES OVER $38 AN OUNCE. Both gold and silver saw gains Monday but silver broke the $38 point, settling well above its previous 31 year high. Jeffery Christian, managing director of commodities consulting firm CPM Group in New York said, “More investors came to the market in hopes of $40 an ounce in the short term.” Gold had a more level performance, gaining at a modest pace.  Many buyers seemed to buy on the dips, keeping the price up.

More than anything this week, inflation fears are supporting the prices of precious metals. Bruce Dunn, vice president of precious metals dealer Auramet Trading said, “There is no question that the inflation factor is supporting gold, both gold and silver are benefiting from speculative buying and good demand from physical bars and coins.” Speculative trading of silver as it nears $40 an ounce will be something to watch. Additionally, there is some speculation that industrial demand for silver is set to increase and if so, increased demand could continue to sustain the price. Regardless, both gold and silver have started off positively and, “have possibly set the tone for the week, with both metals again rising on safe-haven and inflation hedging after [West Texas Intermediate crude oil recently] touched a fresh 2½-year peak,” said analysts at TheBullionDesk, in a note to clients.

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

  • Gold price -$1,434.90 (up $6.00)
  • Silver price - $$38.67 (up 87 cents)
  • Platinum price - $1,791.00 (up $15.10)
  • Palladium price - $787.90 (up $11.80)

Silver Mexican Libertads have incredibly low mintages for Bullion Coins and their newer design is second to none! 

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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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