Closing Gold & Silver Market Report – 3/25/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,430.90
- Silver price - $37.42
- Platinum price -$1,750.80
- Palladium price -$752.00
COMMENTARY: Precious metal prices drifted lower in afternoon trading, as the US stock market continued to go up. The US bumped up their 2010 4th quarter growth numbers, while at the same time stating they see growth slowing in early 2011. Charles Evans, President of the Fed’s regional bank in Chicago sees an improving economy, which could mean an end to further stimulus once QE2 has run its course. The US dollar rebounded, which along with profit taking, contributed to a drop in gold prices.
Despite today’s rebounding US dollar, Warren Buffet is not a fan of long-term bond tied to the dollar. He flatly states that investors should avoid long-term bets in US dollars because their purchasing power will decline.
Higher gasoline prices and the Japanese earthquake are the likely culprits in driving down consumer confidence in March. Consumer confidence fell to its lowest level since November 2009. It is not just fuel costs, but all the related costs to fuel and rising commodity prices.Food would be the first example.
Gold spot price was off $5.00 – Silver price was down 4 cents – Platinum price was off $11.20 – Palladium price was down $1.30
Silver has been extremely popular and on the rise the past six months. If you are one of the many who love Silver half dollars…we have some on sale! For those investors who want their products sealed and direct from the mint, we have a good selection of Mint Direct products.