Morning Gold & Silver Market Report – 3/24/2011
At 8AM (CT) the APMEX precious metals spot prices were:
- Gold – $1,441.10
- Silver – $37.81
- Platinum – $1,762.00
- Palladium – $757.00
COMMENTARY: Gold is fairly flat this morning, while silver continues its climb. U.S. stock futures are holding on to robust gains amid the release of data showing that jobless claims fell, as did orders for U.S. durable goods. The dollar index continued to weaken, and the euro surprisingly strengthened. Crude oil futures have topped $106 a barrel, which has many fearing further inflation.
The euro zone debt crisis intensified yesterday, as Portugal’s prime minister resigned after parliament rejected his latest austerity measures. EU leaders meet today and tomorrow, and there is considerable pressure on Lisbon to seek a bailout package. Prime Minister Jose Socrates plans on attending the summit in a caretaking capacity, and is strongly against taking a bailout, which many believe is inevitable. Germany is also causing headaches for the European Union, but for different reasons. Euro zone debt issues, the conflict in the Middle East and North Africa, fears of inflation, and the ongoing nuclear crisis in Japan are all supporting the safe-haven appeal of gold.
Gold spot price is up $2.10 on the day. Silver is up $0.55. Platinum is up $1.00. Palladium is up $6.70.