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.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would 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
4/16/2014 9:26:34 PM EST

Metal Bid Ask Change
Gold $1,301.40 $1,303.40 ($2.10)
Silver $19.53 $19.63 ($0.05)
Platinum $1,426.80 $1,436.80 ($1.00)
Palladium $797.60 $802.60 ($0.70)
4/16/2014 9:26:34 PM EST

Click here for Historical Charts*All Charts are in USD


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