Closing Gold & Silver Market Report – 3/24/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,432.00
- Silver price - $37.24
- Platinum price - $1,756.00
- Palladium price - $753.50
COMMENTARY: Gold and silver prices both reached record prices before profit takers moved in and drove prices down in late afternoon trading. Investors moved into equities again today, as the weekly initial jobless claims came in under 400,000 and the US dollar continued to decline.
From this writer's perspective, I understand that the declining dollar is helping stocks, for the moment, for traders, but there could be a dramatic change happening that may not be getting much attention now, but will. Is gold going to replace the dollar as the world's reserve currency? This article is not about returning to the gold standard. It simply points out that the US dollar is losing its safe haven appeal. Central banks are selling dollars and they are buying gold.The declining dollar may be boosting stock prices now, but declining US dollars will not ultimately be a good thing.
Warren Buffet came out and said that the collapse of the Euro is not “unthinkable.” He believes that every effort will be made to keep this from happening, but “ you can’t have three or four or five countries that are in effect free-riding on the other countries.” The GNP of Portugal is no bigger than Connecticut, but the GNP of the European Union is huge and will cause ripple effects worldwide should the union go south.
Gold spot price fell $7.00 – Silver price was off 3 cents – Platinum spot price fell $5.00 – Palladium finished up $3.20
Silver prices have been on a tear. It is not often that you can purchase silver for under spot, but you can right now. APMEX has 40% Silver Coins on sale for 50 cents under spot!