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Market Reports

Mid-Day Gold & Silver Market Report – 3/15/2011

At 12PM (CT) the APMEX precious metal prices were:

  • Gold price - $1,395.20
  • Silver price - $34.29
  • Platinum price - $1,706.00
  • Palladium price - $704.30

 

COMMENTARY: Precious metal prices have bounced off their lows, but are still significantly down for the day. Gold spot price is off $30.70 – Silver price is off $1.62 – Platinum price is off $47.30 – Palladium price is off $44.90.

The potential for a nuclear disaster in Japan, continues to push the equity and commodity markets down.It may not be the panic selling of 2008, but the US stock market is down triple digits for the second day in a row. Riskier investments are not the investment of choice in this uncertain environment, so we can understand the sell off of stocks. Oil has dipped on the fear that the global economy may have just received a significant set back. Platinum and palladium are crashing because of their high use in the automobile industry. Considering that silver was at $27 just a few short months ago, this might be viewed as a small correction, but what about gold? Many reporters have commented that you would expect gold to go up in these circumstances. So why hasn’t it? In short, it would be margin calls. Hedge funds,institutions and high net worth individuals are strapped for cash to cover margin calls. Gold gives them the instant liquidity they need right now…but once the calls are covered, then what? There would appear to be many factors in play to drive both gold and silver up.

One of those factors is the Middle East, where Saudi Arabia moved troops into Bahrain despite US wishes to the contrary. Gaddafi keeps raging in Libya, while the rest of the world sits on their hands and watch. If not for Japan, the Middle East would still be front and center as it is becoming more and more unsettled.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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