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CLOSING GOLD & SILVER MARKET REPORT – 4/13/2011

OBAMA REVEALS HIS DEFICIT CUTTING PLAN – President Obama came out with his budget-cutting plan that chops $4 trillion off in the next 12 years. These time frames make many of us wonder how you can propose a plan that you will not be in office to over see. Chris Edwards of the Cato Institute, which is a think tank that favors government, said "there's not much new" in it other than the deficit triggers. He noted the triggers could force tax increases as well as spending cuts. President Obama is once again vowing to raise taxes on those making $250,000 or more.

An interesting article written by Julian Phillips gives his view on why silver has been rising faster than gold.In a nutshell, gold has been seen as an investment metal by high net worth individuals, central banks and institutions for a very long time. Silver did not take on this aspect until 2009. As silver becomes the poor man’s gold and as silver gets the attention of high net worth individuals and institutions, it is starting to catch up in appeal. Central Banks may or may not ever come around.

Precious metal prices drifted up at close, but there was no significant news and no significant price movement.

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

  • Gold price - $1,458.40 (up $4.80)
  • Silver price - $40.73 (up 60 cents)
  • Platinum price - $1,776.60 (up $3.30)
  • Palladium price - $765.50 (down $5.70)

The Sunshine Mint makes the blanks for the US Mint’s Silver American Eagles. It is an ISO certified, world class operation, that makes some of the finest silver bars you will find anywhere. I have visited their facility and I can attest to their obsession with quality.

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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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