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Mid-Day Gold & Silver Market Report – 4/6/2011

PRICE OF GOLD … IS IT TOO GOOD TO BE TRUE?

Safe haven buying has been ignited again by rising oil prices and news out of Portugal. “Prices are likely to remain buoyant as risk aversion increased on the back of Moody’s downgrade of Portugal’s credit rating,” analysts at ICICI Bank said in a note to clients. Silver is closing in on $40/ounce and gold struck over $1,460/ounce, which may indicate that this rally in precious metals is legitimate. “We should be heading over $1,500 here in the next couple of weeks, we’re looking at $1,520 -$1,550 as likely topping areas and then we’ll have a correction from there,” says David Banister, chief investment strategist at Active TradingPartners.com.

The fall of the U.S. dollar to a 14-month low against the euro has also driven investors to precious metals ahead of an anticipated rate increase by the European Central Bank on Thursday. Some questioned whether the ECB would move forward with this in light of the headlines out of Portugal, but it appears they will. Other commodities, such as oil and corn, are reaching record highs right along with gold and silver.

At 12PM (CT) the APMEX precious metals spot prices were:

  • Gold – $1,456.90 (up $4.40 on the day)
  • Silver – $39.40 (up $0.15)
  • Platinum – $1,796.40 (up $0.60)
  • Palladium – $784.80 (down $9.30)

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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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