Closing Gold & Silver Market Report – 4/29/2011
GOLD CLOSES AT A RECORD PRICE – Gold prices continue to be a story of a weaker US dollar. Even the Central Banks are getting out of dollars to buy gold.“The dollar will continue to lose ground for the foreseeable future, so it only makes sense to be invested in precious metals,” said Matthew Zeman, a strategist at Kingsview Financial in Chicago.
Oil prices were also on the move today and oil posted its eighth straight monthly gain. Yesterday's three-year lows in the dollar index following the mid-week Fed statement strongly suggests a market dynamic that is not yet ready to reverse," Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois, said in a note."Consequently, oil will continue to be valued as an asset class or inflation hedge along with other commodities such as the gold market." Oil prices closed today at nearly $114 a barrel.
At 4PM (CT) the APMEX precious metal prices were:
- Gold price -$1,467.30 ($34.60)
- Silver price - $48.04 (up 45 cents)
- Platinum price - $1,879.00 (up $38.10)
- Palladium price - $796.60 (up $19.40)