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Closing Gold & Silver Market Report – 4/5/2011

GOLD & SILVER PRICES SOARING TO NEW RECORDS – There is no shortage of uncertainty in today's markets and uncertainty causes investors to run to gold and silver. Gold settled at a record high and you can take your pick as to why. Perhaps it was new peaks in oil and grains revving up fears of inflation. Perhaps it was yet another downgrade of Portugal's credit rating. Axel Merk, portfolio manager of the $600 million Merk Mutual Fund said, “What it shows is that big money continues to believe gold will go higher...because Bernanke wants to grow at any cost."

Perhaps it is Ben Bernanke. It does appear that every time he gives a speech downplaying inflation, inflation fears go up. Bill Gross, the head of PIMCO, told CNBC that it is naive of Bernanke to think this inflation threat will just pass.“The emerging and developing world is different these days. They’re less wage-sensitive and they’re more commodity-sensitive,” Gross said. “In other words, citizens are demanding more for their money and they’re reflecting that in the form of higher commodity prices. To expect that to revert over the next several years is a little pollyannaish.”

Radioactive fish are now being discovered outside of the Japanese nuclear plant  as the power company had been forced to dump radioactive water into the ocean.I fear we are far from finished with this story.

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,457.80(up $24,80)
  • Silver price – $39.36 (up 80 cents)
  • Platinum price - $1,796.00 (up $10.00)
  • Palladium price - $790.00 (up $4.60)

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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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