Morning Gold & Silver Market Report – 3/11/2013
GOLD STEADY; ANNIVERSARY OF JAPAN’S DEVASTATING QUAKE
Gold investment demand started low Monday as the U.S. dollar showed some strength and the European market dropped on Chinese economic data and Italian worries. The Gold price has been difficult to pin down lately but analysts expect the metal to trade within a tight range of $1,560 – $1,590 this week as they look to Gold’s inverse correlation to the dollar for signs of its price movement. Societe Generale analyst Robin Bhar said, “There is a wait-and-see attitude and Gold is likely to remain range bound this week as there are no key policy announcements and the economic data is mostly second-tier.” He continues, “A lot will depend on the dollar, which the metal is likely to track in coming days.”
Today marks the second anniversary of the devastating earthquake and tsunami that rocked Japan. Ceremonies took place in the three worst hit areas and a minute of silence was observed commemorating the time the quake struck. The economic devastation of the event is overshadowed only by the physical devastation as 18,000 people were left dead or missing and the Fukushima nuclear crisis began. The economic impact has been felt around the world as the quake was one of 2011’s Black Swan events that affected the price of everything from car parts to Precious Metals.
At 9:00 am (EDT), the APMEX precious metals spot prices were:
- Gold, $1579.10, Up $0.20.
- Silver, $28.82, Down $0.18.
- Platinum, $1597.90, Down $8.00.
- Palladium, $776.60, Down $5.10.
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