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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)

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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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