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Closing Gold & Silver Market Report – 3/14/2012

PLATINUM MAINTAINS LEAD OVER GOLD; TREASURIES FORETELL HIGHER RATES?

Since the Mid-Day Gold & Silver Market Report, prices for the four precious metals have continued to decline, with Gold in particular ending the day down more than $50. The dollar continued to gain strength today as it reacted to yesterday’s news from the Federal Reserve that interest rates would be kept at their current level and that there are no plans for more monetary easing. The one-ounce price for Platinum remained higher than the price for Gold after Platinum overtook Gold yesterday for the first time in almost six months.

This week, investor optimism about the U.S. economy has translated to a wave of sales in the Treasury market. There is speculation that this could be a sign that the country is about to enter a period of increased interest rates. The yield curve today was steeper than it’s been in almost six months, and selling continued despite an auction on 30-year bonds. Treasury strategist George Goncalves with Nomura Americas said, “I think this has really spooked people now. The auction didn’t go that well, and rates are at the upper end of the (day’s) range. Meanwhile, debt has been issued by corporations at a record pace so far this year, and the pace of the current quarter is on track to surpass that of the first quarter of 2011 and be the biggest ever.

At 4:15 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,645.10 – Down $50.10.
  • Silver - $32.21 - Down $1.40.
  • Platinum - $1,674.40 - Down $28.40.
  • Palladium - $700.00 - Down $8.90.

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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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