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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.

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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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