Our Daily
Market Reports

Closing Gold & Silver Market Report – 5/23/2011

INVESTORS LOOK TO GOLD –  Gold showed its resilience vs. other commodities, proving its safe haven appeal, closing at nearly a two week high, while other metals were slightly off the mark.   Bart Melek, head of commodity Strategy with TD Bank Financial Group summed it up nicely when he said, “Gold is doing relatively well. This whole sovereign debt crisis will continue to be with us for quite some time and I'd suspect people will want the exposure to gold as a hedge against any sovereign defaults,".  He continued on to say, that even though the dollar is strengthening, which usually lowers gold prices, investors are looking at gold as a hedge.  To emphasize the point, gold prices in Euros hit a record high today of 1080.04 Euros an ounce.

Fears that the global economy is cooling off putt a damper on demand industrial metals brining down their prices today.  James Cordier, a portfolio manager at Optionsellers.com in Florida said, “The global economy bull run of 2009-10, it really appears to be slowing down.” 

At 4:15 (CT) the APMEX precious metal prices were:

  • Gold price - $1,518. 50 (up $8.10)
  • Silver price - $35.17 (down .01 cents)
  • Platinum price - $1,755.20 (down $15.20)
  • Palladium price - $736.60 (down $2.90)

See why gold has the safe have appeal it does, 2011 Gold Products.

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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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