Closing Gold & Silver Market Report – 3/9/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,432.80
- Silver price - $36.19
- Platinum price - $1,800.60
- Palladium price - $781.50
COMMENTARY: Today was a day of mild trading within a tight range for both the stock and precious metal markets. As stocks retreated towards the close, precious metals came up, but neither move was significant. The markets might be getting used to the news coming out of the Middle East and until something more dramatic occurs, markets will not move as easily as it has the past few weeks.
It has been reported, that China intends to raise its gold position in its foreign exchange reserves. China currently has approximately 3% of the foreign exchange reserves in gold, while the United States has over 70%. Although this 3% is a small percent compared to most Western nations, it still represents one of the higher volumes of gold because China’s total foreign exchange reserves of $3 trillion is such a large number. Yesterday, Li Yining, a prominent Chinese financial advisor, said that China should be purchasing more gold with this $3 trillion dollar fund. He feels this is important to hedge against foreign currency devaluations.
Gold spot price finished up $4.60 – Silver spot was up 46 cents – Platinum spot price was down $3.00 – Palladium price was down $6.20
The 2011 1 oz Silver Britannias from the Royal Mint have just arrived.Produced by the Royal Mint, the Silver Britannia, legal tender in the United Kingdom, has a face value of two pounds and contains one troy ounce of 95.8% fine silver. Buy Silver Britannia coins to add to your silver coin collection. APMEX makes it easy to buy silver by offering competitive silver prices on all silver coins.