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Mid-Day Gold & Silver Market Report – 4/12/2011

GOLD CORRELATION TO U.S. DOLLAR MOST NEGATIVE IN THREE MONTHS

Any rise in the U.S. dollar will weigh more heavily on gold prices, as the correlations between gold and the dollar index and gold and the S&P 500 index reached their most negative in almost three months.  Two more Federal Reserve officials have thrown their support behind the latest round of quantitative easing due to unemployment being too high and inflation “not being a threat.”  The dollar steadying and Goldman Sachs advising customers to take profits on record highs on gold and silver seem to be bringing prices down.  Also, the oil market is down, which may be relieving fears of inflation, which is the most likely reason commodities were reaching record highs over the past week.  Adding support to precious metals prices would be news of Japan’s nuclear crisis reaching the level of Chernobyl’s 1986 disaster.

Phil Streible of Lind-Waldock explains that silver is strong with investors now as they are seeking the investment demand and fundamental industrial demand.  He adds, “If you see things start to deteriorate in the Middle East again, or if you see the shorts start to really scramble … if earnings start coming in fuzzy … gold and silver could continue to rally as a safety play.”  As for the situation in the Middle East and North Africa, France is now criticizing NATO’s campaign in Libya, saying that bombings must increase to stop Gaddafi’s forces from attacking civilians.

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

  • Gold - $1,453.90 (down $14.20)
  • Silver - $40.23 (down $0.45)
  • Platinum - $1,773.00 (down $18.80)
  • Palladium - $771.50 (down $17.70)

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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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