Closing Gold & Silver Market Report – 9/14/2011
GOLD UP 29% IN 2011; CHINA AND INDIA GOLD DEMAND STILL STRONG
Precious metals are up from mid-day trading prices. China’s announcement to help the eurozone has somewhat eased tensions over the financial crisis, for now, giving gold a rest as investors take a shot at riskier investments. As mentioned in this morning’s commentary, the dollar has done well today which has also taken away from the safe haven buying of gold. Prices are still up 44% since a year ago, 29% since January 2011, making an 11th straight year of annual gains.
Commerzbank is reporting that India and China continue to be strong supporters of gold demand. The National Bureau of Statistics says that despite China’s gold production soaring to approximately 454.8 tons for the first 8 months of this year, the country has still imported close to 390 tons of gold in the first half of this year. Will Rhind, Head of U.S. Operations for ETF Securities, says, “The picture is still very much the same for gold. The world is running out of safe havens…but once this initial selling goes through we will see higher gold prices.”
At 4:00 pm (CT) the APMEX precious metals spot prices were:
- Gold - $1,824.90 – Down $7.20.
- Silver - $40.85 – Down $0.42.
- Platinum - $1,818.00 – Up $3.50.
- Palladium - $722.60 – Down $5.90.