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Morning Gold & Silver Market Report – 4/25/2011

SILVER IS UP 5% –GOLD BREAKS NEW RECORD HIGHS – US silver futures neared the $50 mark before pulling back, as it moved even closer to its 1980 record high. Silver prices are rising as a result of weak US dollar and strong physical demand coming out of Asia. Gold continues to break into record territory on this very same news. "Everyone is buying," said a Hong Kong-based dealer. "There is stop-loss buying, as well as a good buying interest from China."

US oil climbed over $112 a barrel as violence continues to escalate in the Middle East. New skirmishes broke out in Syria and Libya, while post-election tensions erupted in the north of Nigeria. Senator john McCain, while on Sunday’s “Meet the Press”, characterized the Libyan situation as looking like a stalemate that needs further US intervention.  

Reports out of China indicate China’s central bank is looking to set up sovereign funds to invest in oil and gold. China’s foreign exchange reserves have climbed rapidly up to $3.05 trillion dollars. Although China’s foreign reserves contain a high number of gold ounces, when compared with other countries, it is an extremely low percentage of their total reserves (only 1.7%). Most Western countries have over 60% of their foreign reserves in gold. If China were to move up to just 5%, it could have a major impact on gold prices.  

At 8AM (CT) the APMEX precious metal prices were:

  • Gold price - $1,514.50 (up $9.70)
  • Silver price - $48.33 (up $2.21)
  • Platinum price - $1,837.00 (up $17.30)
  • Palladium price - $773.70 ( up $3.70)

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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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