Morning Gold & Silver Market Report –3/4/2011
At 8AM (CT) the APMEX precious metal prices were:
- Gold price -$1,420.90
- Silver price - $34.66
- Platinum price - $1,831.00
- Palladium price - $811.50
COMMENTARY: Many precious metal investors have been concerned with the 1099 tax reporting provision that was added to the President’s Health Care bill. This provision would have required small business to fill out an IRS 1099 on all sales over $600. On Thursday, the House did approve a measure that would repeal this provision. It remains to be seen what will happen in the Senate.
Former Federal Reserve Chairman, Alan Greenspan, while speaking on CNBC this morning noted that “there is no question that the momentum of the economy, leaving out the oil price issue, leaving out the Euro problems that have emerged, and very specifically leaving out the budget problems, this economy is really beginning to pick up momentum.” Hold on there, that is a lot to leave out! Mr.Greenspan did go back to this issue and say in so many words, that when you factor them all in, no forecaster knows with any certainty how this will all play out.
The jobs report has come in with the expected upbeat news. Gold prices have been moving up as a result. In February the unemployment rate fell to 8.9%, which is its lowest rate in almost two years. The economy added 192,000 jobs despite cut backs in state and local governments.
Gold spot price is up $3.50 – silver spot is up 27 cents – Platinum price is down $3.00 – Palladium spot is down $3.10