Closing Gold & Silver Market Report – 3/23/2012

GOLD RISES ON DOLLAR’S DROP; IRAN USING GOLD TO GET AROUND SANCTIONS  

Precious metals prices have been on the rise today and are set to close higher, curbing the three-week overall decline. The climb today was relative to sharp movements in markets. Oil prices rose, and the dollar’s value dropped. The poor showing in home sales data has rekindled hopes the Fed will offer more easing. Head of commodity research Nic Brown of Natixis in London said, “We think that quantitative easing and abnormally low U.S. interest rates have been a huge support for Gold prices. It’s no surprise that the falling Gold price recently has been accompanied by quite a significant rise in U.S. interest rates/ … Gold doesn’t have a yield or a dividend or anything like that, so as interest rates rise, your opportunity cost of holding Gold increases.”

Middle East tensions have begun to wane, but there are details coming to light over how desperate the Iranian government has become to fulfill its need for necessities. Iran has been using pretty much any means necessary to acquire food, primarily wheat, with a half-million metric tons of food arriving via alternative bank sources. Iran is paying a premium to acquire wheat. An unidentified trade source said, “Apart from Turkish banks, Iran is also facilitating deals via Switzerland and is also using cash in smaller trades as well as even Gold. … They are working around the restrictions.”

The overall global and domestic outlook has created a sense of shaky confidence. There are a number of key factors in play this week that really did not get the type of resolution a lot of investors were seeking in the marketplace. Chief investment officer Nick Sargen of Fort Washington Investment Advisors in Cincinnati, said, “There’s a little bit of nervousness this week. … This was the week where the market had a little bit of second-guessing on how strong is Europe, how strong is China, and that raises the question, ‘How confident are we that the economy is going to continue to grow at the pace we’ve seen in recent months?”

At 4:15 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,662.60 – Up $18.60.
  • Silver - $32.25 – Up $0.86.
  • Platinum - $1,627.50 – Up $14.40.
  • Palladium - $661.00 – Up $9.00.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Mondays through Thursdays! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/21/2014 10:53:21 AM EST

Metal Bid Ask Change
Gold $1,286.80 $1,288.80 ($7.10)
Silver $19.32 $19.42 ($0.23)
Platinum $1,394.40 $1,404.40 ($24.30)
Palladium $770.60 $775.60 ($32.50)
4/21/2014 10:53:21 AM EST

Click here for Historical Charts*All Charts are in USD


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