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

THE SILVER LINING JUST GOT A LITTLE BRIGHTER: Gold and silver prices have benefited from the inflation fears and a weak U.S. dollar rising to record breaking highs again today. Silver has closed over the milestone $40 mark and gold holding above $1470. Many factors affect the price of precious metals. Frank Lesh, a broker and analyst with FuturePath Trading in Chicago said, “Two words, the dollar and inflation.” Fears that the government will shut down have put the dollar at its weakest level against the euro since January 2010. The government is funded through midnight but will shutdown Saturday morning without a deal in place.

Gold has seen a steady rise since January, going up more than ten percent. The beginning of gold’s rise was the political unrest in the Middle East and North Africa. The focus has shifted from Egypt to Libya, but prospects are fading to overthrow Gaddafi now that the U.S. is out of the fight. Now we hear that Yemen’s Saleh again is rejecting a move to replace him. Japan has stopped pumping radioactive water into the sea but that is the first bit of decent news from the troubled reactor.

This commentator has said it in the past and will say it again; precious metals are an appealing safe haven for your investment portfolio. When the world’s nations learn to get along and inflation is no longer a fear then we won’t have to think about safe havens for our money.

At 4 AM (CT) the APMEX precious metals prices were:

  • Gold spot price – $1,476.20(up $16.90)
  • Silver spot price – $41.02 (up $1.40)
  • Platinum spot price – $1,815.80 (up $26.20)
  • Palladium spot price - $796.50 (up $15.30)

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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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