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Morning Gold & Silver Market Report – 3/11/2011

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

  • Gold Price - $1,412.30
  • Silver price - $34.53
  • Platinum price - $1,774.40
  • Palladium price - $750.30


COMMENTARY:As news of the Japanese earthquake began to break, stock futures and the precious metal prices began to retreat. Since then, precious metal prices have begun to come back. Gold spot price is down $1.20 – Silver price is down 61 cents – Platinum price is up $7.80 – Palladium spot price is down $17.10

Dennis Gartman,of the Gartman Letter, had some interesting comments on CNBC this morning. First, he mused on the unpredictable nature of the markets. The day of rage in Saudi Arabia was expected to pressure oil prices upwards and now the Japanese earthquake sends oil prices lower. In the blink of an eye, we psychologically shift from the mind set of too little oil supply to too much oil supply. He stated that this earthquake should prove to be the most expensive natural disaster in history and we still await what damage might occur on the US coasts of Hawaii, California and Alaska.

I want to focus on his comments on gold prices. He pointed out that gold is down, when you might suspect events like this would drive prices up. The reason for this is not fundamental, but a matter of liquidity. With the sharp downturn in the stock market yesterday, margin clerks have taken over,driven by their need to come up with cash. “It is a margin clerk situation rather than a rational situation” said Mr. Gartman. This may be why precious metal prices are showing signs of bouncing back in morning trading.

The Euro debt zone crisis could put additional upward pressure on precious metal prices. Concerns are intensifying ahead of today’s 17-nation summit in Brussels. There is not much hope that any sharp differences in how to implement a rescue plan will be resolved.

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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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