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)