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Closing Gold & Silver Market Report – 4/12/2011

GOLD SLIDES WITH OIL. Oil prices dropped today pulling precious metal prices along for the ride. Weak trade data lead to pessimistic views on U.S. economic growth and raised doubt about demand for oil. Why is this important? The sharp drop in oil prices puts a damper on some of the inflation fears in the U.S. giving investors the confidence to sell their precious metals for profit. We saw several days of record highs last week; some profit taking is not unheard of. However, analysts at Commerzbank said in a note to clients, “The medium- to long-term positive outlook is still intact, especially for gold.”

Jeff Cox, a CNBC.com staff writer, wrote in an article today that “Despite assurances from prominent Federal Reserve officials and some economists that inflation poses little threat, about three-fourths of respondents in a recent survey believe prices are headed higher over the long term.” Middle America is where we will feel this impact the most and first. Pains at the pump this summer, prices are estimated to be up 40%, and increased food prices will quickly impact consumer spending. In other words, inflation is threatening to derail our economic recovery before it can really get off its feet.

Clearly, inflation is a key factor moving forward in our economic recovery.

At 4PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,454.30 (down $13.80)
  • Silver price - $40.20 (down 48 cents)
  • Platinum price - $1,774.40 (down $17.40)
  • Palladium price - $764.50 (down $24.80)

Whether the market is moving up or moving down, it is never to early to shop for Mother’s Day. APMEX has some unique Mother’s Day gifts

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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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