Closing Gold & Silver Market Report – 4/14/2011
GOLD FUTURES NEAR RECORD HIGHS – US DOLLAR WEAKENS – Gold advanced more than 1% as it nears record highs. Fear of inflation, a weakening US dollar and more problems in Europe continue to drive investors to gold (and perhaps silver, which established a 31 year high today.)
In the US, Treasury Secretary Timothy Geithner appeared before lawmakers today to discuss raising the US debt limit. Analysts say the US will hit the debt ceiling, imposed by congressional policy, somewhere around May 16. After that, the government can borrow from itself for a while, but eventually will have to default on some of its debt. If the government were to default on its debts, it would cause the value of the dollar to be questioned on a global scale. Most observers of this discussion will say it is more about political posturing, and that in the end, the debt ceiling will be raised, but it should be good entertainment for the time being.
Standard & Poor’s came out today forecasting that gold prices will remain high the next year. Their reasons are the same reasons we saw prices rising today. The European debt crisis, fallout from the Japanese crisis and increasing global inflation. None of this is expected to go away soon.
At 4PM the APMEX precious metal prices were:
- Gold price - $1,475.80 (up $20.20)
- Silver price - $42.20 (up $1.90)
- Platinum price - $1,797.00 (up $20.80)
- Palladium price - $777.30 (up $10.90)
Help out the European debt crisis on buy some European gold. JUST KIDDING! but we do have some great deals on European gold coins.