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Mid-Day Gold & Silver Market Report – 4/7/2011

ANOTHER JAPANESE EARTHQUAKE ROCKS THE STOCK MARKET

The stock market dropped nearly 100 points on reports that a 7.1 magnitude earthquake hit Japan’s northeastern coast. The market has begun to recover some of its losses, as the earlier tsunami warning issued as a result of the quake as been lifted. Platinum and palladium, with strong ties to the automobile industry, were the most affected of the precious metals.

Congress is still struggling to reach a budget compromise with the deadline approaching. Both sides claim progress, but there are still key issues dividing them that could shut down the government.

In the wake of the European Central Bank rate hike of .25% and the softening of the euro, precious metals pricing spiked up and then settled back to being relatively flat today. “The market had factored in that Trichet would be a bit more hawkish in his comments. If you look at government bond markets, they all recovered during his press conference,” said Peter Fertig, a consultant at Quantitative Commodity Research.

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

  • Gold price - $1,457.70 - (down 80 cents)
  • Silver price - $39.62 (up 16 cents)
  • Platinum price - $1,788.40 (down $8.40)
  • Palladium price - $780.60 (down $5.00)

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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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