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Morning Gold & Silver Market Report – 4/8/2011

GEOPOLITICAL FEARS DEEPEN, PRECIOUS METALS RISE

The geopolitical landscape seems to be worsening with the most recent Japanese aftershock from the March 11th earthquake. Production has been hampered severely as power outages have slowed output at some major car manufacturers and even global giant Sony has been impacted. Water leaked from another nuclear reactor following the aftershock, but has not changed radiation levels and China is growing very concerned with radioactive pollution.

The news out of the Middle East and North Africa is also causing concern as predictions in Libya are that rebel forces have reached a stalemate stage and military leaders feel it is unlikely rebel forces will reach Tripoli to oust Gaddafi. Protests in Syria and Yemen continue to be a concern as well.

The European debt crisis continues to be a hot topic as well due to Euro zone finance ministers cracking down and holding Portugal to a harder reform to receive their bailout.

We also have our own fears of a government shutdown, as government leaders can’t agree to spending limitations which could put 800,000 government workers on furlough.

With overall fear of inflation and geopolitical crises there are those that feel even at its current price, gold is still cheap. According to Marc Faber, "If it were a bubble a lot of people would have gold. The whole world would be trading gold 24 hours a day, but I don't think it's really a bubble. I think gold is maybe cheaper today than it was in 1999, when it was $252.”

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

  • Gold spot price – $1470.50 (up $11.20)
  • Silver spot price – $40.31 (up 69 cents)
  • Platinum spot price – $1810.00 (up $20.40)
  • Palladium spot price - $799.40 (up $18.10)

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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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