Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 3/17/2011

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

  • Gold – $1,402.60
  • Silver – $34.20
  • Platinum – $1,709.60
  • Palladium – $717.20

COMMENTARY: Silver is down today as the U.S. stock market regains ground it lost to the selloff yesterday.  After dropping over 200 points yesterday, the Dow has risen 140 points as of this writing.  Not only is the mass selloff likely over, but jobless claims have declined by 16,000, which is more good news for stocks.  Platinum and palladium seem to be benefitting from the optimism in the stock market as they are regaining losses as well.

Gold is up slightly based on physical demand remaining high, but a strengthening U.S. dollar and a continuing selloff for cash seems to be holding it back at the moment.  Helping gold’s safe-haven appeal is the continuing situation in Libya, as the U.S. is mulling air strikes as Gaddafi forces are gaining ground on insurgents.  Inflation is also a concern, and gold is often considered to be a hedge against inflation.  Arthur Laffer of Laffer Investments explains that the situation in Japan could actually be a bad thing for inflation in the U.S.  He doesn’t believe that Ben Bernanke and the Federal Reserve have “the ability to sell enough bonds to really bring us back into a tight money situation where the inflation is controlled.”

Gold spot price is up $5.50 on the day.  Silver is down $0.34.  Platinum is up $8.10.  Palladium is up $11.20.

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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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