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Morning Gold & Silver Market Report – 4/21/2011

SILVER SURGES – GOLD AT RECORD LEVELS – Gold is trading in New York and London for a 5th day above $1500. The US Dollar continues to slide and is at its lowest level relative to the six major other currencies since August 2008. “The key element determining gold’s near-term direction right now is the U.S. dollar,” Edel Tully, an analyst at UBS AG in London, said today in a report to clients. “Sovereign debt concerns in U.S. and Europe along with inflation fears provide a good backdrop for gold.”

New claims for unemployment benefits fell last week, but remain above 400,000. You might remember that last week the numbers were expected to drop, but unexpectedly rose above the 400,000 threshold. The four-week moving average moved up to 399,000. Most analysts consider this the best indicator and this is pointing to a still very weak job market.

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,505.30 (up $5.40)
  • Silver price - $45.89 (up $1.36)
  • Platinum price - $1,817.10 (up $15.30)
  • Palladium price - $766.50 (up $6.60)

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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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