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Morning Gold & Silver Market Report – 3/21/2011

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

  • Gold – $1,434.10
  • Silver – $36.08
  • Platinum – $1,743.50
  • Palladium – $739.50

COMMENTARY:  Precious metals are on the rise this morning, thanks to “the tensions in the Middle East, coupled with the significantly weak dollar against the euro,” says Darren Heathcote of Investec Australia.  He continued, “If the dollar remains weak and we get further unrest in the Middle East, there is a very reasonable chance for gold to test the record high.”  Allied air strikes on Libya began over the weekend, and are said to have destroyed a building in Muammar Gaddafi’s fortified compound.  Concerns of inflation are buoyed by rising oil prices, where “the key remains Saudi Arabia, where the news has at least not been any worse over the past week,” say analysts at the National Australian Bank.  A majority of investors surveyed about global events believe the Federal Reserve will tolerate higher inflation, after news of a third round of quantitative easing being “an unavoidable fact of life.”

In a bit of good news, power was restored to two of the failed reactors at the Fukushima Dai-Ichi nuclear plant in Japan.  The combination of the power being restored and the tons of sea water sprayed over the reactors has lowered the temperatures of pools holding spent fuel rods in the past 24 hours.  The struggle to prevent a meltdown in the reactor continues as they try to restore power to two other reactors.

Gold spot price is up $17.00 on the day.  Silver is up $0.96.  Platinum is up $19.10.  Palladium is up $7.30.

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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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