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

GOLD PRICES STAY STEADY WHILE SILVER CHARGES AHEAD

Gold stays above $1,500 while silver closes the gap, bringing the gold/silver ratio to 32. David Morgan, founder of Silver-Investor.com, feels that the ratio could hit 16 while others such as Eric Sprott of Sprott Asset Management feels is will hit the single digits. This movement is followed by the steady decline of the dollar at 0.31%, its lowest level since November of 2009 and shows a trend to 2008 levels, affected by the rise of 0.8% on crude oil futures. Oil is now up 84 cents to $112.29 a barrel, up 34% in the past year and climbing 1.9% this week alone.

An interesting fact that may spur gold buying in India is a key religious festival May 6th (Akshaya Tritiya), when consumers buy gold to invoke prosperity.  Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong says, “Sentiment is still bullish, we can say.  The dollar is weakening and there is no solution to the situation in Libya.  There’s a downgrade in the U.S. rating and there’s still uncertainty in the euro zone.  It’s messy around the world.”

At 4 PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,507.90 (up $6.00)
  • Silver price - $46.78 (up $2.15)
  • Platinum price - $1,816.60 (up $14.80)
  • Palladium price - $771.80 (up $11.80)

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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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