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Closing Gold & Silver Market Report – 5/19/2011

CENTRAL BANKS SNAP UP METALS and take advantage of the current sell-offs, feeling prices will be supported by “the uncertainty over the US economy and the dollar, ongoing European sovereign debt concerns, global inflationary pressures and continued tensions in the Middle East and North Africa,” said the group’s managing director, Marcus Grubb, in an interview with CNBC. Grubb goes on to say, “Central bank purchases jumped to 129 tons in the quarter, exceeding the combined total of net purchases during the first three quarters of 2010...the resilience of gold during recent volatility in the commodities market exemplifies the strength of the global gold market and its unique demand drivers…high levels of investment demand across the world, strong demand in India and China, the continued strength of the technology sector together with central bank purchasing demonstrates gold’s diverse demand drivers. We anticipate continued strong demand during the rest of 2011.”

Japan, the world’s third-largest economy, is now plagued with raising doubts about their economy as they have suffered more than predicted from the devastating earthquake and tsunami. Japan’s numbers were released Thursday showing that their gross domestic product fell over .9 percent when compared the previous months of this year. This is the equivalent to a 3.7 percent decline for the year. The minister for economics and fiscal policy, Kaoru Yosano, says the decline is due to the disasters, however he feels that Japan will soon see growth again, saying, “The Japanese economy has a great deal of resiliency.”

A report released today indicated that housing sales are down.  Rising grocery bills, $4/gallon gasoline, and inflationary fears may be keeping Americans from purchasing a home.  Manufacturing seems to be weakening as well, and retail sales are down.  The only way the US government is funding its own operations is by borrowing from itself.  Could the economy be heading for a double-dip recession?  Probably not, but with all these headwinds nothing is impossible.

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

  • Gold price - $1,495.20 (down $2.10)
  • Silver price - $35.06 (down 13 cents)
  • Platinum price - $1,768.00 (down $12.90)
  • Palladium price - $728.80 (down $12.40)

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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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