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Closing Gold & Silver Market Report –4/19/2011

KNEE JERK REACTIONS TURN INTO SOBER SECOND THOUGHTS – Yesterday’s report from S&P is still causing uncertainty in the market, “If yesterday was about knee-jerk reactions, today is about sober second thoughts and the realization that there are still issues outstanding.” said David Watt, senior currency strategist at RBC Capital Markets.  When those outstanding issues are considered, i.e. a weaker dollar and future inflation, people seek out safe places to invest.  Many investors see gold as the best place to park their money when there is such uncertainty.  Carlos Sanchez, director of commodities management at New York-based CPM Group, said, “Prices could go as high as $1,550 in the next couple of weeks as investors focus on political gridlock in Washington.”  It is not all doom and gloom for the dollar, even though the dollar index fell today to 75.038.  Lawrence Williams, journalist for Mineweb.com reported, “If it wasn't for dollar strength, which will have mitigated its price rise, gold would have burst through the $1,500 psychological barrier yesterday - comfortably.” 

Silver prices closed above $44 an ounce today, breaking another 31 year record.  In fact, silver has risen almost $10 in the past 30 days, approximately 29%.

At 4PM CT the APMEX precious metals prices were:

  • Gold price - $1,496.20 (up $2.30)
  • Silver price - $44.02 (up $1.00)
  • Platinum price - $1,773.90 (down $7.90)
  • Palladium price- $733.00 (down $7.10)

90% Silver half dollars on sale.

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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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