GOLD & SILVER HIT NEW HIGHS – Nothing new to report, but a continuation of the momentum started after yesterday’s Fed news conference. The US dollar continues to decline as well.
With all the attention on gold and silver, the recent rise in palladium and platinum have been somewhat under the radar.Both metals have supply side concerns coupled with growing auto demand, that sets both metals up nicely for both 2011 and 2012. Regarding platinum, according to Leon Esterhuizen of RBC Capital Markets, while the "pressure cooker" situation that was anticipated at the beginning of the year as a result of a supply side squeeze has reduced somewhat recently because of unforeseen events such as the earthquake in Japan, there is still likely to be a shortage of the metal this year. The same could be said for palladium.
The US GNP (gross national product) slowed to 1.8% in the first quarter of 2011 down from 3.1% experienced in the 4th quarter of 2010. Economists had expected 2%. Economists had also expected a decrease in jobless claims, but it went up by 29,000. That would be 0 for 2 for economists today.
At 12 PM (CT) the APMEX precious metal prices were:
- Gold price -$1,533.80 (up $15.20)
- Silver price - $48.69 (up $2.65)
- Platinum price - $1,842.50 (up $22.50)
- Palladium price - $779.30 (up $19.10)