Morning Gold & Silver Market Report –4/15/2011
GOLD & SILVER CONTINUE TO MOVE UP – Gold spot prices are currently up another $2.60, while Silver spot prices climbed another 64 cents. Gold rose to a record high on global inflation concerns and the continued weakening of the US dollar.Gold is becoming more widely accepted as an asset class within the Alternative Investment category. Inflation has accelerated in China and Europe, the Japanese disaster will have long lingering effects and we still have no clue as to the outcome of the recent and current events in the Middle East and North Africa.
Moody’s has again cut Ireland’s debt rating, which puts it on the verge of becoming junk status. Moody’s is keeping their view of this situation negative, thus pushing the euro dollar lower and putting added pressure on the euro zone’s weaker countries.
In the US, consumer prices rose 0.5% in March, which is 6% annualized. Also, a separate report shows that real average hourly earnings of US workers fell by .6% in March, and have declined 1.0% in the past 12 months.
AT 8AM (CT) the APMEX precious metal prices were:
- Gold price –$1,475.00 (up $2.60)
- Silver price - $42.37 (up 64 cents)
- Platinum price - $1,789.20 (down $5.40)
- Palladium price - $771.00 (down $4.30)