Morning Gold & Silver Market Report – 4/18/2011
UNIVERSITY OF TEXAS TAKES LARGE PHYSICAL GOLD POSITION – The University of Texas took delivery of 6,643 100 oz gold bars worth $987 million on Friday, April 15. The UT Investment Management Company did not buy gold, they chose to convert their “paper” gold investments into the actual bullion bars. “If you own a paper contract where they can only deliver you 10 cents on the dollar or less, you should probably convert it to physical,” said Bass. The bars will be stored at HSBC Bank in New York.
More reports of fighting in the Middle east and North Africa. Libyan forces shelled Misrata killing 17. In Baghdad, a car bomb exploded killing 5 and injuring at least 15. Syrian forces shot and killed eight protestors overnight. Two people were killed as an Afghan army soldier opened fire in the Defense Ministry. Seven others were wounded.
Elections in Finland put further European bail outs in doubt as the anti-euro Finish party gained a crucial role in the parliament and possibly even the government. Finland’s parliament, unlike like any other country in the euro zone, has the right to vote on bailout requests. These election results could hold up plans to assist Portugal as well as other bailout requests down the road.
At 8AM (CT) the APMEX precious metal prices were:
- Gold price -$1,493.80 (up $6.70)
- Silver price -$43.24 (up 60 cents)
- Platinum price -$1,792.00 (down $1.80)
- Palladium price -$755.10 (down $13.90)