Our Daily
Market Reports

Morning Gold & Silver Market Report – 3/28/2012

CENTRAL BANKS’ BUYING MAY ADD ‘ROCKET FUEL’ TO GOLD’S PRICE, WRITER SAYS  

Precious metals prices were down this morning, after the Gold price failed to push through a key resistance level yesterday. U.S. stock futures gave up some gains after a report on durable goods orders showed a rise of just 2.2 percent in February, missing expectations by nearly 1 percent. January’s drop in orders was revised down by 0.1 percent.

Matthew Lynn of Marketwatch suggested that Gold’s bull run may not be over yet, even though prices have dropped lately. He mentioned rumors out of England that the country will be stockpiling Gold, and he said if central banks of “big, developed” countries start buying again, “it would put real rocket fuel into the price of the precious metal.

Though financial issues in Europe seem to have fallen away from investors’ focus lately, former European Central Bank official Bini Smaghi said, “In the past, so many times, we thought that the worst of the crisis was over, and then new waves of instability came in. So, it’s no time for complacency; we have to prepare for the worst.”

At 8 a.m. (CDT), the APMEX precious metals spot prices were:

  • Gold – $1,674.20 – Down $12.20.
  • Silver - $32.32 – Down $0.35.
  • Platinum - $1,641.40 – Down $17.10.
  • Palladium - $650.90 – Down $13.10.

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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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