Closing Gold & Silver Market Report – 3/23/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,439.50
- Silver price - $37.49
- Platinum price - $1,756.80
- Palladium price - $749.50
Although silver has made an impressive run today finishing at a 31 year record high of $37.19 an ounce, gold made news as well. Gold futures finished at a record high of $1438 an ounce. Adam Klopfenstein, Senior Market Strategist with Lind Waldock in Chicago said, “Instead of looking for a reason to buy gold, no one can find a reason not to buy gold.” Fears about inflation, concern over the Middle East and North Africa, coupled with a rally by crude oil all helped drive gold to its new high.
Economic data out of Portugal also encouraged investors to look to precious metals for their safe haven - insurance appeal. The opposition lawmakers voted down the austerity plan designed to reduce the amount of money the country spends. With the plan defeated the euro fell against the dollar. At the beginning of the debate Finance Minister Fernando Teixeira dos Santos warned that refusal to approve the measure, “"will provoke an immediate rise in the country's risk and immediate consequences in terms of credit ratings."
Gold spot price finished up $10.90 – Silver price was up $1.16 – Platinum price was up $16.40 – Palladium spot price was up $10.70
We are often asked if it is better to purchase bars, coins or rounds and our answer is yes. These are all bullion items so it is a matter of personal preference. For those who prefer bars, it is hard to beat the beautiful gold bars produced by Pamp Suisse. If you prefer coins, one of our most popular has been the 1oz Gold Buffalo.