Mid-Day Gold & Silver Report – 3/28/2011
At 12:06 PM (CT) the APMEX precious metals prices were:
- Gold price - $1421.50
- Silver price - $37.06
- Platinum price - $1751.30
- Palladium price - $747.60
COMMENTARY: The global news still continues to dominate market prices. The news out of Japan focuses on the radioactive fallout associated with the leaking nuclear reactor. The concern is more in the radioactive particles seeping through and contaminating the water in the ground than reaching the ocean. However, that does not mean the ocean will not be affected. Greenpeace has also weighed in on contamination fears.
Libya continues to be a source of concern, although rebel forces continue to advance towards Tripoli with hopes to oust Muammar Gaddafi. There is a 35-nation meeting set for tomorrow specifically regarding the crisis in Libya, with Italy and France in agreement that Gaddafi needs to be exiled. Russia is still critical of western involvement.
George Gero, senior VP at RBC Capital Markets says. “ I see that silver has been outperforming gold and I think silver is outperforming gold because it is a bridge between investment demand and industrial demand.” We must recall that portfolio managers are under some pressure to realize profits this week as the first quarter comes to a close on Thursday.
Gold spot price is down $5.70 – Silver price is down 6 cents – Platinum spot price is up $3.70 – Palladium price is down $3.80