Mid-Day Gold & Silver Market Report – 3/8/2011
At 12PM (CT) the APMEX precious metal prices were:
- Gold price - $1,429.50
- Silver price - $35.86
- Platinum price - $1,804.60
- Palladium price - $787.80
COMMENTARY: Events in the Middle East have settled (for the moment), so oil and gold prices are experiencing profit taking and the US dollar goes up. We should note as Alan Greenspan pointed out recently on CNBC, the Euro and the Dollar are both weak, so it is not significant, as they go up or down relative to each other. Oil and gold prices have a positive correlation and most analysts still expect more unrest in the Middle East and additional increases in oil prices.
Noted economist, Nouriel Roubini, who is known for having predicting the global financial meltdown can still foresee a double dip recession if oil were to go to $140. He is making a point on just how fragile this global economic recovery is. It would not take much to tip it in the wrong direction.
Gold spot price is currently down $6.00 – Silver price is down 8 cents – Platinum spot price is off $16.80 –Palladium price is off $3.30