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Market Reports

Morning Gold & Silver Market Report – 4/6/2011

NEW HIGHS FOR GOLD, SILVER

Gold and silver hit new highs (record for gold, 31-year for silver) this morning thanks to their safe-haven appeal.  Commerzbank analysts explain, “The current climate is still favorable for precious metals.  Continued unrest in North Africa and in the Arab world and the debt crisis in euro-zone peripherals, coupled with the weak U.S. dollar and still loose monetary policy of western central banks are fueling price speculation.” 

Libyan rebels are unhappy with NATO support (or the perceived lack thereof), as they say they have not given them what they need.  The French Foreign Minister says coalition pilots are unable to identify targets on the ground because they are using the same type of equipment, and also said that the coalition is not ready to arm the rebel forces.  There is good news out of Japan, as the leakage of radioactive water into the sea has been plugged.  However, there is still a need to pump 11,500 tons of contaminated water back into the ocean, as there is no storage space left at the facility.

Matthew West of CNBC has pieced together a great article on gold, explaining the bullish sentiment towards precious metals and, also, why gold as a hedge is here to stay.  Our own Michael Haynes explains, “Gold is the only currency that can’t be manipulated politically in the way that currencies, say, can and often are.  And all currencies in the end are valued against it.  It’s been like that for the last 4,000 years.”

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

  • Gold – $1,459.40 (up $6.90 on the day)
  • Silver – $39.63 (up $0.38)
  • Platinum – $1,810.50 (up $14.70)
  • Palladium - $796.80 (up $2.60)

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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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