Mid-Day Gold & Silver Market Report – 3/1/2011
At NOON (CT) the APMEX precious metals spot prices were:
- Gold price - $1,430.60; +$19.70
- Silver price - $34.47; +$0.58
- Platinum price - $1,845.80 +$35.60
- Palladium price - $816.90 +$17.30
COMMENTARY: Gold is breaking out on the upside of recent trading ranges as uncertainty increases across the Middle East regarding the continuity of oil supplies at a level that has the possibility to meet growing world demand. Recently, Saudi Arabia announced sufficient increases to cover any shortfall of Libyan supplies caused by the turmoil in the weakened Gadaffi government, but this promise seems to be failing in confidence by world markets as the Saudi stock market itself fell by more than 6% Monday evening. COMEX gold stocks have declined 14 of the last 20 days and are at the lowest level in the past 10 trading sessions. In the silver market, the U.S. Mint reported the sale of 3.2 million 1 oz. American Silver Eagles in February 2011, the largest total of Silver Eagles sold in any February for the entire 25 year history of the program and up 58% from the February total of 2010. Allocations are currently in effect for all Silver Eagle Authorized Purchasers, including APMEX.