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Morning Gold & Silver Market Report – 4/12/2011

JAPAN’S NUCLEAR CRISIS AS BAD AS CHERNOBYL – Japan has raised its nuclear crisis to the highest possible level, which is level seven. This puts this radioactive disaster on par with what occurred in Chernobyl back in 1986. Many people have been critical of the government’s lack of information or miss-information during this crisis. These critics now appeared justified because it appears the leaks were always much worse than reported. The Japanese government offers that there is actually no change in current conditions, just a change in classification of the severity. The government further states that although there is radioactive contamination in the air, water, soil, fish and vegetables, there are no immediate health risks. From my perspective, this is not comforting.

Libyan peace talks failed and the fighting intensifies. It is clear now that President Gaddafi has no intention of stepping down and the rebels will not quit fighting until he does.

Silver continues to gather strength, while gold prices have eased. Goldman Sachs booked profits Monday on crude oil, copper, platinum and some agricultural commodities. This did put pressure on raw materials in general, including gold and silver. The correlation between gold and the US dollar and gold and the US stock index reached the most negative in three months. This would indicate that if you believe the dollar will go up, then gold will go down.

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

  • Gold price -$1,468.10 (unchanged)
  • Silver price - $40.93 (up 25 cents)
  • Platinum price - $1,785.80 ($6.00 down)
  • Palladium price - $785.00 ($4.30 down)

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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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