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Mid-Day Gold & Silver Market Report – 4/25/2011

IS SILVER THE NEW SAFE HAVEN CURRENCY? – Although silver prices have backed off due to morning profit taking, the big question remains; why has silver been on this explosive run? This question was posed to CNBC’s Fast Money Traders Monday morning. What is at the heart of all of this is a distrust in paper money,” explained John Stephenson, a Senior Vice President and Portfolio Manager at First Asset Funds. “So long as the Fed keeps interest rates below inflation – anything below 2% -- these commodities will keep going higher.” It is expected that the Fed will come out tomorrow and announce that they are maintaining interest rates at record lows. The action – or, more appropriately, inaction – by the Fed will continue to fuel the demand for alternatives to the dollar, said Stephenson.

US new-home sales rose 11.1% in March, but to keep thing in context, the previous month had been a record low.  “It’s a nice rebound from February but the bottom line is housing is continuing to trend sideways,” said Omair Sharif, an economist at RBS Securities Inc. in Stamford, Connecticut, who correctly forecast March sales. “Builders have been doing their bit in paring inventory but the problem is they’re facing competition from distressed properties, high unemployment and prices that are still falling.”

The US Stock market is down this morning, as company earnings are coming in weaker than expected. These weaker earnings are highlighting the effects of rising costs.

At 12 PM the APMEX precious metal prices were:

  • Gold price - $1,510.30 (up $5.50)
  • Silver price - $47.34 (up $1.21)
  • Platinum price - $1,825.60 (up $5.90)
  • Palladium price - $762.50 (down $7.50)

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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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