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Morning Gold & Silver Market Report – 3/17/2011

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,402.30
  • Silver price - $34.57
  • Platinum price - $1,701.00
  • Palladium price - $713.00


COMMENTARY: This may be one of the most volatile markets we have seen seen in decades. Global equity markets have taken hit after hit since last Friday's earthquake.  The Japanese Yen was expected to go down because of cash infusion expected from the Bank of Japan, but instead, the Yen has unexpectedly climbed dramatically. One would expect gold to rally in these dire circumstances, but the need for cash largely driven by margin clerks, has kept gold prices down. We would expect that this market will remain volatile and uncertain until the nuclear reactor situation draws to a conclusion. Let’s hope it is a good conclusion.

Last night, gold spot price was trading down as low as $1,392, so it has rallied $10. Palladium price was as low as $688, so it is up $25. Silver spot price has shown similar gains and is up 3 cents on the day. Platinum price is down 50 cents, but still well off morning lows. 

The US is interpreting the Japanese nuclear crisis differently than the Japanese government and are advising our citizen in Japan to move at least 50 miles away. Japan has advised its citizens to move 12 miles.The information coming out of Japan is being viewed from the international community as not particularly forthcoming, but it is apparent they are stepping up efforts to avoid a meltdown.

February’s Core CPI numbers (excluding food and energy) came in slightly higher than expected at 0.2%. The Fed is downplaying this rise, but said they did say they would monitor inflation expectations. Jobless claims also came in as expected, staying below 400,000 for the third week in a row.

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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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