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Closing Gold & Silver Market Report – 4/11/2011

IS SILVER TURNING BACK INTO CURRENCY?

Gold is more and more being viewed as a currency and not a commodity. As global currencies fluctuate in value relative to each other, gold just remains gold. Currency valuations are dependent on trust in governments and their central banks. Gold is something real you hold in your hands…and so is silver. For years silver was currency like gold, but now we are left with coins made out of alloys with no silver value whatsoever…but things might be changing.  More and more there is evidence that silver is being purchased on a retail level because it is a real measure of value. Perhaps this partially explains silver's meteoric rise over the past six months. If silver is viewed as a currency like it once was, then it will offer the same safe haven appeal as gold with a much lower entry point. The Central Banks are yet to stock up on silver, but the retail public may be getting into the game now.

Equity and precious metal prices were depressed for much of the day with stocks ending up 1. Precious metal prices drifted lower. The news today was uneventful, but there is lots of economic data coming out later in the week. Stay tuned.

At 4PM the APMEX precious metal prices were:

  • Gold price - $1,464.20 (down $9.90)
  • Silver price - $40.30 (down 38 cents)
  • Platinum price - $1,783.20 (down $27.90)
  • Palladium price - $778.20 (down $17.00)

For those investors who believe in silver as a currency, there is always silver half dollars, back when it was currency.

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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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